Planned Giving Help us today and secure YPT s tomorrow

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Octavia Robinson
5 years ago
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1 Planned Giving Help us today and secure YPT s tomorrow What is Planned Giving? There are many ways to make a Planned Gift. The most common methods are: A bequest by means of your Will A charitable gift annuity A gift through a life insurance policy A charitable trust A gift through your retirement fund, including proceeds from Registered Retirement Savings Plans (RRSPs) or Registered Retirement Income Funds (RRIFs) A gift of real estate The Planned Giving program at Young People s Theatre (YPT) offers a unique opportunity to establish your future support to the Theatre now by designating a future gift through a variety of tax-deductible provisions. The best part of planned giving is that it does not impose an immediate financial obligation or burden to you, but rather enables you to provide for YPT in the future by leaving a lasting legacy with virtually no cost to you during your lifetime. Donors who choose to make planned gifts to YPT automatically become members of the Susan Douglas Rubes Forever Young Society. This society recognizes those donors who have the foresight to provide for the Theatre s future. Membership in the Susan Douglas Rubes Forever Young Society allows YPT to extend its gratitude to individuals who inform the Theatre of their thoughtful gift intentions while they are living. Confirmed planned gifts permit YPT to develop future programs with confidence. Knowing that there will be a future base of support ensures that future generations of YPT patrons and students can continue to benefit from the Theatre s innovative, diverse, and educational repertoire, which seeks to engage today s children and youth and impact their emotional, social, and

2 Ways to Make a Planned Gift 1. Your Will Planning your Will is one way of ensuring you can provide for those you care about. In addition to accounting for those you love and depend on you, your Will also enables you to support charitable organizations such as Young People s Theatre through a gift of money, property and other assets. Many people are reluctant to plan their estates, believing they won't need a Will until years into the future. But death can come unexpectedly but by planning and preparing a Will, you can be in control and decide how your estate is distributed. If you already have a Will, you are on the right track! You obviously understand the value of having a well-planned estate. Your Will makes it much easier for your family and friends to receive money and valuable possessions you leave behind. Without a Will, provincial laws determine who receives what. If you do not have blood relatives, it is likely your provincial government will receive your estate, instead of the friends or organizations you wish to benefit. Consider reviewing your current Will If you already have a Will, you would be wise to consider updating it if any of the following statements are true: It has been 3 years or more since I last reviewed my Will. My Will was drawn up when I lived in a different province or country. There has been a birth in the family. There has been a death in the family. There has been a change in my marital or my health status. The beneficiaries named in my Will are no longer living. The estate trustee and/or alternative named are no longer living. I would like to add or subtract beneficiaries. There have been changes in my asset base.

3 2. Bequests One of the most common and easiest ways to provide a lasting legacy to YPT is to include a bequest provision in your Will. As it is a simple process to revise your Will, bequests allow the most flexibility and security should your personal circumstances or plans change. Types of Bequests Bequests can be in the form of cash, real estate, securities, tangible personal property, or other assets. Here are some types of bequests, using a gift to YPT as an example: Outright/Specific YPT would receive a specific dollar amount from your estate, or a stated percent. The advantage of making a specific gift is that it can be precisely identified and is simple to administer. Residual YPT would receive a percentage of the remainder of your estate. The actual value is sensitive to any changes in the value of your estate. Contingent Distributes property to YPT only if you outlive your heirs. Testamentary Trusts Provides one or more heirs with income for life, after which the assets are transferred to YPT. Sample wording Here is some suggested language when you decide to provide for YPT in your Will: Unrestricted Bequests: a. I give to Young People s Theatre $ for use as it may deem appropriate. b. I give to Young People s Theatre % of my estate for use as Young People s Theatre may deem appropriate. c. I give to Young People s Theatre all of the residue of my estate for use as it may deem appropriate. Restricted Bequests a. I give to Young People s Theatre $ (or) % (or) all of the residue of my estate to be used for the following:. b. I give to Young People s Theatre $ (or) % (or) all of the residue of my estate to establish a named endowment* in the name of: to support this broadly designated area of work: -. *to qualify for a named future endowment, the value of bequest must be $25,000+.

4 3. Endowments As mentioned above, some donors may choose to designate their planned gift to establish a named fund with a gift of $25,000 or more to YPT. Named funds support the mission and vision of YPT in perpetuity since the capital amount is invested and only a percentage of the income is spent. This planned gift designation promises a lasting legacy. 4. Gift of life insurance Another convenient way to make a planned gift is to name YPT as the beneficiary of a life insurance policy that may no longer be needed for you and your family. A gift of life insurance can provide a significant benefit to YPT in the future, at a modest cost to you today. By taking out a new life insurance policy and naming YPT as owner and beneficiary, you will receive tax receipts for the annual premiums you pay. Existing policies that have finished serving their original purposes can have the ownership and beneficiary designation transferred to YPT. A charitable tax receipt is then issued for the cash value. The advantages to you are several: A planned gift of life insurance saves you tax dollars today. Not only is this important to a donor who is looking for immediate tax relief, it also means that you can make sure that your tax-deductible limit is not exceeded; Your estate is not diminished to your heirs, because life insurance, by its very nature, creates an additional, separate 'estate'; Life insurance is not subject to probate costs or delays in settlement. The full proceeds are payable to YPT at maturity or death; Life insurance is not a matter of public record. You can plan, arrange, and announce the gift yourself and you will know that it will occur just as you planned; Unlike a Will, this type of gift cannot be contested; It allows you to contribute significantly to the continued artistic and educational excellence at YPT. We recommend you discuss your gift intentions with a life insurance agent to determine which type of insurance best suits your needs.

5 5. Charitable gift annuities A charitable gift annuity is a vehicle which can provide fixed payment for life to you, the donor, and/or another beneficiary. This is in exchange for a gift of cash or marketable securities. The payment rate is based on the age of the beneficiary at the time the gift is established. Additional Information For more information on leaving your legacy or to discuss your intentions, please contact: Richard Lefebvre Director of Development x 248 rlefebvre@youngpeoplestheatre.ca Thank you for your continued support and generosity!

Our Children Our Future: A Guide to Legacy Gifts

Our Children Our Future: A Guide to Legacy Gifts Legal Name: Boys & Girls Clubs Address: 301, 1195 Esquimalt Rd, Victoria, BC V9A 3N6 Tel: 250.384.9133 Fax: 250.384.9136 Web: www.bgcvic.org Email: development@bgcvic.org Canada Revenue Agency: Charitable