A Future Investment in Health Care
Planned giving is a wonderful way to leave a legacy of support for things you care about the most. By including the Eastern Kings Health Foundation in your plans, your gift provides vital funding for equipment and programs for patients, clients and residents in communities in eastern PEI.
If you would like to leave a final contribution to the Eastern Kings Health Foundation, first, make sure your family is aware of your wishes. Then speak to a professional adviser. Your gift can have significant tax advantages.
Our legal name, for making a planned gift, is Eastern Kings Health Foundation Inc. and our charitable registration number is 88869 4791 RR0001.
Wills and Bequests
This is the most common means of planned giving. A simple provision in your will leaves a final gift to the Eastern Kings Health Foundation. A charitable donation tax receipt will be issued to the estate for the full amount of the donation. An undesignated gift will be put towards the areas of greatest need in the maintenance of health services in Eastern Kings.
Suggested Wording for a Specific Bequest
“TO PAY the following legacy as soon as conveniently possible after my death: the sum of $ ____ in cash or in kind to the Eastern Kings Health Foundation Inc. to be used to support the highest priorities as determined by the Board of Directors of the Eastern Kings Health Foundation Inc.”
Suggested Wording for Power to Vary Provision in the case of a Designated Bequest
In order to ensure that your contribution is utilized according to your wishes with the maximum amount of flexibility, you may also wish to include this “Power to Vary” provision:
“If, in the opinion of the Board of Directors of the Eastern Kings Health Foundation Inc., it should become impossible, inadvisable, or impractical to use this gift for the purposes of supporting__________, then the Board may, in its discretion, use the gift to the best advantage of the Eastern Kings Health Foundation Inc., keeping in mind the original wishes of the donor.”
Securities and Other Investments
Stocks, bonds or mutual funds can be a tax-effective means of donating. By donating publicly traded securities to a charity, you eliminate the capital gains tax that becomes payable if you were to sell the appreciated securities on the market and donate the proceeds from the sale to the Foundation.
You can also make a gift of Registered Retirement Savings Plans or Registered Retirement Income Funds. Contact your RRSP/RRIF administrator to name the Foundation as a charitable beneficiary.
The Eastern Kings Health Foundation can be named as the owner and beneficiary of either an existing or a new life insurance policy.
- Transfer of ownership of a paid-up policy: if there are no more premiums on the policy and it is no longer needed consider donating it to the Foundation.
- Transfer of ownership of an existing policy with premiums still owing: donors who feel that their other investments are sufficient to meet family and business needs may want to consider donating an existing policy with premiums still owing. You will receive a charitable tax receipt immediately for the value of the policy and a charitable receipt for all future premiums that you pay after that time.
- Purchase a new life insurance policy and name the Eastern Kings Health Foundation Inc. as owner and beneficiary: donors who want to make a larger future gift could purchase a new whole or universal life policy and name the Foundation as owner and beneficiary. This type of gift is popular among individuals who are age 30-55 given the reasonable premium rates. You will receive a charitable tax receipt from the Foundation equivalent to the premiums paid each year.
Other planned giving opportunities are available, such as charitable gift annuities or gifts of property or real estate.
Contact us to discuss these and other planned giving options.