Other Gift Planning Options
Gift Planning allows donors to plan current and future charitable gifts in a way that meets their philanthropic goals and balances personal, family and tax considerations.
There are many other gift planning options that might be right for you. Please reach out to us at the Yarmouth Hospital Foundation if you’d like to discuss these options further.
RRSPs and RRIFs: You can designate the Yarmouth Hospital Foundation as beneficiary of your RRSP or RRIF directly through your financial advisor, or you can make a gift in your will equal to the proceeds from your RRSP or RRIF.
Charitable Gift Annuity: These provide you with guaranteed, continuous income throughout your life, preferred tax benefits on that income, and often, a higher return than similarly guaranteed income investments can offer. You will be entitled to a charitable donation receipt for the gift portion or your charitable annuity at the time the gift annuity is set up. Your annuity will be reinsured through an insurance company. This plan is of particular interest to people in their 70s or older who are prepared to make an irrevocable gift to a charity.
Gift of Residual Interest: This is a gift that you give in the future but retain its use throughout your lifetime. A Gift of Residual Interest includes personal property, such as a residence, land, or works of art. Such a gift requires that the property be irrevocably transferred to a charity. You are then entitled to a charitable donation receipt for the discounted residual interest (value in today’s dollars of what the charity is expected to receive from your gift at your death).
Trusts: An “Inter Vivos” trust allows you to make a gift to the Foundation during your lifetime in exchange for a guaranteed income for life. Upon termination of the trust, the remaining assets in the trust will go to the Foundation. You can also set up a “testamentary trust” through an estate gift.
Property: You can donate real estate, shares in privately held corporations, royalty interests, works of art, jewelry, collections, or other property to the Foundation.
