Caring for our children through a Bequest in your will or estate plan.
Bequest
A charitable bequest is one of the most flexible and common types of planned gifts. There are also many benefits with making a gift of this type, in your will, to the Janeway Foundation.
Janeway Kid, Ailish Slaney – Oncology
- Through a bequest in your will, you control what happens to your estate. If you do not have a will provincial laws will determine what happens to your estate.
- Your estate will receive a tax receipt for the full amount of the bequest, thereby reducing the amount of taxes paid.
There are many different types of bequests. It can be a specified amount of cash, a percentage or portion of your estate, or what remains after other bequests have been granted. Three of the most common types of bequests are…
Specific Bequest – the Janeway Children’s Hospital Foundation would receive a specific dollar amount; a stated fraction of your estate; or a specified gift in kind, such as art, collections, property, etc.
For example you may leave the Janeway Foundation a specific sum ($10,000) or a specific stated fraction from the sale of your estate (1% – 100% of the funds received from the sale of your estate); or a specific gift in kind item (to be professionally valued for tax receipting purposes). Your estate would then receive a tax receipt for the specified amount and/ or value of the donation.
Will Language for a Specific Bequest
“I give, devise, and bequeath to the Janeway Children’s Hospital Foundation, the sum of $_____ (or description of a specific asset), for the benefit of the Janeway Children’s Hospital Foundation to be used for the following purpose: (state the purpose – gift to be used for a specific department, program or piece of equipment). If at any time in the judgement of the trustees/ directors of the Janeway Children’s Hospital Foundation it is impossible or impracticable to carry out the exact designated purpose, they shall determine an alternative purpose closest to the designated purpose.”
Residual Bequest – the Janeway Foundation would receive a percentage of the remainder of your estate after other specific bequests have been fulfilled.
For example your estate is valued at $100,000. Your gifts to family members and other charities was $90,000. Depending on the percentage outlined in your will, (1% – 100%) of the remaining $10,000 would be donated to the Janeway Foundation. Your estate would then receive a tax receipt for this percentage amount.
Will Language for a Residual Bequest
“All the rest, residue, and remainder of my estate, both real and personal, I give to the Janeway Children’s Hospital Foundation, for its general purposes.”
Ailish making her presentation during the 2016 Janeway Telethon.
Contingent Bequest – the Janeway Foundation would receive a stated share of your estate, but only in the event of the prior death of other named beneficiaries.
Will Language for a Contingent Bequest
“I devise and bequeath the residue of my property, real and personal and whatever situated, owned by me at my death, to (name of beneficiary), if (she/he) survives me. If (name of beneficiary) does not survive me, I devise and bequeath my residuary estate to the Janeway Children’s Hospital Foundation, for its general purposes.”
If you are considering a gift in your will to the Janeway Foundation, we encourage you to explore the various donation options with your financial and legal advisors, ensuring that your future gift is as tax effective as possible and takes your family needs into consideration.
To make or discuss a Bequest to the Janeway Foundation, please contact Ruth Squires, Manager Telethon & Gift Planning, Janeway Foundation @ 709-777-4382 (B); 709-743-0095 (Cell) or ruth.squires@easternhealth.ca