Gifts Outside Your Will
Life insurance is an often overlooked opportunity to support your community and share your legacy. While a gift of life insurance or one of your retirement funds to the OHF provides tremendous and much needed support for OTMH, it can also be beneficial for your heirs. Both of these types of gifts will be distributed outside of your Will thereby avoiding probate fees. A tax receipt will be issued, reducing or possibly eliminating income taxes that would otherwise be paid. Such a gift outside of your Will may be given with no immediate out of pocket cost to you and may allow you to give a much bigger gift than you could give during your lifetime.
If you would like to consider a gift outside your Will and you need to add or change a beneficiary on your insurance policy or registered funds, you will need to request a beneficiary form or a change of beneficiary form from the institution holding your policy or fund to provide a gift for the Oakville Hospital Foundation. Once you’ve returned the form to your institution, please confirm that they have a record of your wishes.
Do you have a policy that is no longer useful for you or family? Would you like to give a larger gift than you otherwise thought possible? If so, consider:
- Transferring the ownership of your policy to OHF = tax receipt today on the value of your existing policy, and a tax receipt for future premium payments on a new or existing policy.
- Making OHF a beneficiary = tax receipt for your estate
Retirement Funds – RRSPs, RRIFs, TFSAs, Mutual Funds
You earned it – enjoy it. When you no longer have need of them, consider making OHF a beneficiary on any of these funds, giving your estate significant tax savings and leaving your Will private. These gifts are distributed outside of your estate so the proceeds go directly to OHF and probate fees are not applicable.
We strongly encourage you to speak with your family and advisors about the most advantageous beneficiary for your circumstances.
Would you care for more details? We’d be happy to discuss options and answer questions.
You’ll need our legal name for your estate documents:
Legal Name: Oakville Hospital Foundation
Charitable Registration #: 13145 3490 RROOO1
Would you care for more details?
Deborah Bauder, CFRE
Associate Director, Gifts & Estate Planning
Oakville Hospital Foundation