Bequest Forms and Information

GIFTS OF CHARITABLE BEQUESTS

Herman Prior Activity Centre –

Legal Charitable name– Herman Prior Senior Services Centre Inc

A Charitable Bequest is a gift arranged in your Will that becomes available after your lifetime, to your charity of choice – HPAC.

 A Charitable Bequest allows you to make a large impact on the future of the Herman Prior Senior Services Centre Inc. without reducing your cash flow or savings today. 

Your estate will receive important tax benefits, ultimately providing the most value possible for your beneficiaries and heirs. A charitable bequest is a lasting statement of your generosity and care for your community and their future – a gift you and your family can be proud of.

 How does a Charitable Bequest work?

 To prepare a Will, you usually start by listing what you own and what you owe (your assets and liabilities). You can choose to leave the Herman Prior Senior Services Centre Inc. a specific amount of money, or a percentage of the value of your total possessions. Although you plan for it today, the HPAC receives your gift only after your death. 

Charitable Bequests can take many forms, and often consist of cash savings, real property and/or appreciated investments that have increased in value since purchase (e.g. stocks, bonds and mutual funds). 

How does a Charitable Bequest benefit you? 

It provides you with an opportunity to make a large contribution to members of your community in a way that might otherwise be impossible during your lifetime. It would be an achievement for you and your loved ones to be proud of. Your estate will receive a donation receipt for the full value of your bequest gift. The resulting tax credits will reduce taxes owing on your final tax return. This helps increase the remaining value of your estate for your beneficiaries. When you include a bequest in your Will, you keep your right to change it at any time. Your cash flow, savings and worldly belongings are still yours, during your lifetime. 

What else should you consider?

 Please notify us of your intention to include the Herman Prior Senior Services Centre Inc. in your Will. This will help ensure that your bequest is carried out in the way you intend. This also allows us to thank you for your support, and to provide you with our proper legal name, charitable registration number and proper wording for your Will. We can also offer you meaningful recognition and stewardship options – ways for us to share our gratitude with you during your lifetime. 

The annual gift contribution limit for charitable donations increases from 75% to 100% in the year of death. Any excess tax credits generated by your bequest can be carried back one year, and applied to recover a portion of that year’s tax, also to a maximum of 100% of income for that year. Overall, the income tax your estate pays is reduced, maximizing the value of the estate available to your other beneficiaries. Obtain advice from a lawyer/estate planner in preparing your Will, communicating your bequest intentions and maximizing your estate’s tax benefits. 

Options of Suggested Bequest Language for your Will 

Residual Bequest/Legacy: 

You wish to leave a portion or share of your estate to the Herman Prior Senior Services Centre Inc. after all debts and specific bequests to loved ones are paid. • “I give to the Herman Prior Senior Services Centre all (or stated percentage) of the rest, residue and remainder of my estate.

Specific Bequest/Legacy: 

You wish to leave a gift for a specific amount or percentage to the Herman Prior Senior Services Centre Inc.

Gift of a specific dollar amount:

 “I give to the Herman Prior Senior Services Centre Inc. the sum of (state the dollar amount).” • 

Gift of a percentage of your estate: 

“I give to the Herman Prior Senior Services Centre Inc. the percentage of (state the percentage amount).” • 

Gift of a particular asset:

 “I give to the Herman Prior Senior Services Centre Inc. (describe the property/asset).” 

Contingent Bequest/Legacy: 

You wish to leave all or part of your estate to the Herman Prior Senior Services Centre Inc. only if other beneficiaries in your Will pass away before you. 

• “If (indicate beneficiary name) does not survive me, then I give all the rest, residue, and remainder of my estate to the Herman Prior Senior Services Centre Inc.”

 Note: Your bequest gift may be used where it is most needed, or you can choose to have it go toward a specific program. 

Official Bequest Language to Give to your Lawyer/Estate Planner Legal Name:

Herman Prior Senior Services Centre Inc.

CRA BN: 108084211 RR 0001

 Residual Bequest 

“I direct my Trustees to pay or transfer ___ (number) of such equal shares of the residue of my estate to the Herman Prior Senior Services Centre Inc. (“HPAC”) to be used for the HPAC’s general purposes [or, to be applied by HPAC as its directors see fit]. 

General Legacy 

“I direct my Trustees to pay or transfer the sum of $____________ to the Herman Prior Senior Services Centre Inc. (“HPAC”) to be used for HPAC’s general purposes [or, to be applied by HPAC as its directors see fit].” 

Discretion to Transfer Shares 

“In making any payment to a charitable institution pursuant to the provisions of this Will, my Trustees may transfer any shares held by my estate in any publicly traded company or corporation in lieu of cash, provided that the shares transferred shall have a fair market value on the effective date of the transfer equal to the amount payable to the charitable institution. In exercising their discretion, my Trustees shall take into consideration the tax benefits, if any, which may be enjoyed by my estate by transferring such shares in specie.”

 Specific Legacy 

“I direct my Trustees to pay or transfer the sum of $________________ of my estate to the Herman Prior Senior Services Centre Inc.  (“HPAC”) and I direct HPAC to apply such sum towards (programs or housing or education or research or administration). In the event that circumstances make the specific use of this gift no longer practical or desirable, the directors of the Herman Prior Senior Services Centre Inc. are hereby authorized to make changes in its use which remain in agreement with the spirit and general intent of the gift.” 

Thank you for considering how you can leave a legacy through the Herman Prior Senior Services Centre Inc. Your support is making an important difference, changing lives. For more information please call our Executive Director – at 1-204-857-6951 

Please note: This material provides general information only and is not intended to constitute or replace specific professional advice. Donors considering a legacy gift should speak to an advisor with appropriate tax, legal and other expertise to implement a strategy that achieves their objectives.