Bequests and Endowments

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Bequests and Endowments

By including a gift to The County Foundation in your Will, you can shape the future of Prince Edward County for the better. This ensures your generosity will continue to make a significant difference in our community.

Leaving a gift to a charity as part of your Will can have many benefits

Reduce Estate Taxes: Many worry that leaving money to a charity will reduce the amount they can give to their family. But giving through your Will allows you to give money to a charity that would otherwise by given to Canada Revenue Agency in taxes.
Easy Process: Everyone, regardless of income or assets, should have a Will. Setting up a charitable gift through a lawyer or financial advisor involves a simple conversation and adding a few sentences to your Will.
You Can Give More: Giving through your estate provides you with the ability to contribute to the causes closest to your heart in a way that surpasses what was possible during your lifetime.

What is a Bequest?

Bequests are gifts that are made as part of a Will. Most of us (at some point) will go through the process of creating or updating a Will. A bequest is a direction that you put in your Will that says you would like to give a donation and you get to decide what that looks like.

What is an Endowment Fund?

An Endowment Fund is a permanent fund established where money is invested for charitable purposes (like providing grants in the community). Endowments provide a long-term, predictable income which can help to pave the way to lifelong sustainability.

Ways You Can Give

Gift in Will

Create a thoughtful and deliberate plan for your estate giving. Here is some suggested sample wording to include in your Will.

If you are interested in creating a fund with The County Foundation with a bequest, you can set up a meeting with our Executive Director (ed@thecountyfoundation.ca) who can discuss your goals and objectives.

Securities

Donating stocks, mutual funds, or other types of marketable securities to a charity eliminates the capital gains tax that you would have paid if you sold the securities and donated the proceeds. You will also receive a tax receipt for the full amount of the gift. For electronic transfer, please contact your bank or financial advisor to fill out a Securities Transfer Form.

Life Insurance

Life insurance gifts are an affordable way to make a significant donation. You can contribute a policy you already have, include The County Foundation in a shared policy with your spouse, or purchase a new policy to donate.

Retirement Funds

Retirement funds often face high taxes. However, designating The County Foundation as a beneficiary can make your estate plan tax-efficient. Here’s how it benefits you:

You keep control of the funds
You get a tax receipt for the total donation
You skip probate fees
Your estate taxes are lowered

Next steps to make a Legacy Gift

Call or email us – It’s a good place to start. The County Foundation can work with you to create a personalized plan that aligns with your philanthropic goals and ensures your giving has the greatest impact possible in the community.
Speak to your professional advisors – Consulting with experts can provide you with informed guidance on how to leave a legacy. Start your journey by discussing with professionals you trust.
Update your Will – Decide whether you want to give a percentage or specific amount of your estate to The County Foundation and update your Will with the recommended wording from your legal advisor.
Let us know your decision – You are under no obligation but letting us you have chosen to leave a gift to The County Foundation in your Will allows us to plan on how those funds will be distributed most effectively in the community.

Resources for Professional Advisors

The County Foundation’s Professional Advisors Guide
Sample Will Clauses for The County Foundation
Professional Advisors E-Resource (Community Foundations of Canada)
Contact our Executive Director if you require additional information (ed@thecountyfoundation.ca)

Interested in learning more?

Debunking Myths about Legacy Giving

My Estate isn't big enough to have an impact: Any gift size can have a positive impact, and even a small gift can have a lasting impact when combined with others generosity. Legacy Giving isn't just for the wealthy!
I need to help my family, so I can't leave a gift to a charity in my Will: You can leave a percentage of your Estate to a charity after providing for your family, which supports your family and the causes that you care about.
I'm too young to think about Estate Planning: Legacy Giving isn't exclusive to older people. Young professionals and families can start planning now to ensure their intentions are carried out and your values live on through your giving. Estate planning is important for all ages as unexpected events can happen to anyone.
Everyone knows what I want so I don't need a Will: Without creating a Will, your intentions may be unclear and there could be disagreement about your wishes. A Will helps to provide guidance and ensures your wishes are met.