A bequest – the most common type of future gift – is a commitment made through your Will (or can be done by writing an amendment called a Codicil to your existing Will) to be distributed by your estate upon your death. A bequest may be a specific piece of property, sum of money, or a portion of your estate. Upon death, the McCormick Care Foundation will issue a donation receipt for the bequest that may result in significant tax savings in the year of death and the preceding year. Most people make a bequest when their Wills are drawn.
Please note that the information provided is general in nature and is meant to provide a brief overview of giving options. We encourage you to consult your own legal and financial counsel in the development of your own financial or estate plan.
For more information on how your legacy can support McCormick Care Foundation, please contact:
Lynne Ryckman, Director
519-432-2648 ext. 2318
You name McCormick Care Foundation as a direct beneficiary on the plan document and advise the institution holding your retirement account of the change. When McCormick Home is designated as a direct beneficiary of a registered retirement savings plan (RRSP) or registered retirement income fund (RRIF), the taxes are offset at the time of death. Your gift will be treated as a charitable donation in the year of death and McCormick Care Foundation will issue a tax receipt for the full amount being transferred to it.
Gift of Life Insurance
There are a number of ways to plan your gift using life insurance:
You may donate a paid-up life insurance policy which is no longer needed by naming McCormick Care Foundation the owner and beneficiary of your policy and receive an immediate tax receipt for the cash surrender value of the policy.
You may gift an existing policy on which premiums are still being paid by transferring ownership to McCormick Care Foundation and receive tax receipts for all future premium payments.
You may make a gift by purchasing a new policy on your life, naming McCormick Care Foundation as the owner and beneficiary and receiving tax receipts for all future premium payments.
You may choose to retain ownership of your policy and name McCormick Care Foundation as the direct beneficiary and, upon your passing, your estate will receive a tax receipt for the value of the policy.
Charitable Gift Annuity
A charitable gift annuity means you can donate money today while at the same time receiving a guaranteed, pre-determined annuity payment, possibly for life. When you make a cash gift, McCormick Care Foundation purchases, on your behalf, an annuity designed to suit your personal needs and pays you a guaranteed income. When you pass away, the principal goes to McCormick Care Foundation to enhance the quality of life for residents and clients of McCormick Home.