Legacy gifts are donations arranged in the present and given at a future date. These gifts are an extraordinary way to show your generosity and commitment to an organization you care about.
Why Should You Consider a Legacy Gift?
Choosing to remember The Food Bank of Waterloo Region with a legacy gift is the perfect way to let your care and compassion for people accessing food assistance continue for years to come.
By including The Food Bank in your legacy planning, you will:
- Amplify your impact. You may be able to make a more significant gift than you could afford today.
- Enjoy tax benefits. Including charitable gifts in your estate planning may eliminate or reduce significant taxes payable upon your death.
We understand your circumstances may change, and that’s okay. Since you are not making your gift until after your lifetime, you can change your plans at any time.
Types of Planned Giving
Planned giving gifts are commonly arranged through a Will, but there are other ways to give.
Giving Through Your Will
Leaving a gift in your Will is the most common method of making a future gift. You may choose to give a fixed sum of money, or a percentage or residual amount of your estate after other needs are taken care of.
You may make changes to your Will at any time during your life. You retain control and can easily make revisions should your circumstances change.
Giving Through Life Insurance
A gift of life insurance is an easy way to make a big impact. Making this type of gift is as simple as naming The Food Bank of Waterloo Region as a beneficiary of your existing policy. Your estate will receive a charitable tax receipt for the full value of your gift.
Giving Through Securities
Donating publicly traded securities (stocks, bonds or mutual funds) through a Will is a beneficial strategy for receiving tax benefits. Simply choose which securities to gift, or give your executor authority to satisfy a bequest with a direct gift of securities. Your estate receives a tax receipt for the appreciated value of the gift—and the 50% tax on capital gains is waived.
What to do Next
- Think about what is important to you and what your intentions are for the future.
- Speak to your financial advisor, lawyer and/or bank to determine your estate plans.
- Draft a Will with the help of a lawyer.
- If you have decided to leave The Food Bank of Waterloo Region a gift in your Will, we would be grateful if you would let us know by downloading and completing the legacy giving response form. Be assured this response form is not binding in any way and will be kept in the strictest confidence.
If you have questions about what type of gift will work best for you, please contact Caroline at email@example.com. We will be happy to work with you and your family to help you meet your goals.
Gift Without Restrictions
“I give, devise and bequeath to The Food Bank of Waterloo Region ____ (percentage of estate or dollar amount) to be used for any purpose approved by The Food Bank of Waterloo Region’s Board of Directors.”
Gift Directed For a Specific Purpose, such as the Acquisition and Distribution of Food
“I give, devise and bequeath to The Food Bank of Waterloo Region ____ (percentage of estate or dollar amount). I direct this money to be used for the acquisition and distribution of food at the time my bequest is realized. If The Food Bank of Waterloo Region is unable to apply all or part of these funds for the specific purpose(s) stated herein, the balance of this bequest not so extended may be used for any purpose approved by The Food Bank of Waterloo Region’s Board of Directors.”
Gift to Benefit The Food Bank in Perpetuity
“I give The Food Bank of Waterloo Region ____ (percentage of estate or amount). I direct this money to be invested and the income generated will be used for any purpose approved by The Food Bank of Waterloo Region’s Board of Directors.”
What You Need to Know
Information that may be helpful as you prepare your legacy gift:
Legal Name: The Food Bank of Waterloo Region
Charitable Registration Number: 11923 3310 RR0001
Mailing Address: 50 Alpine Court, Kitchener, ON N2E 2M7
We Want to Thank You
If you have already arranged a legacy gift to The Food Bank of Waterloo Region, you are under no obligation to tell us about it. But we would love to thank you personally. Contact Caroline at 519-743-5576 ext. 227 or by email at firstname.lastname@example.org.
Disclaimer: The information provided is not a substitute for professional financial or legal advice. Consult a lawyer and/or financial adviser to determine which options are best for you and your family, and to maximize the tax advantages of your gift.