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  Gift Planning

What is Gift Planning?
Simply stated, Gift Planning means planning to make a gift in the future. Your commitment is made now, with the transfer of your gift happening at a later date. Examples of planned gifts are bequests, life insurance, cash and real estates. Gifts-in-kind can also be included, such as, jewellery or art work. Using careful financial planning, you can benefit your tax profile while making a significant difference in your community.

Gift Planning is your opportunity to make a lasting contribution that will maintain and sustain resident care for the Cove Guest Home. As a supporter of the Cove Guest Home Foundation, you may wish to consider planned giving as a means to help ensure our Long Term Care for the future.

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Different opportunities that are available for you:

The first type of planned gift is a Bequest in your Will. When you as a donor decide to leave some assets to charity in your Will, you are making a Bequest. Your estate will receive a charitable estate tax deduction at your death, when the gift is made to the Foundation.

There are several methods by which you can leave funds in your Will:

Gifts of Residue
This form of giving means that after you have provided for the needs of your family and friends, the remainder of your estate is donated to the Foundation. A sample clause for your Will would look like this:
"To deliver, pay or transfer the residue of my estate to the Cove Guest Home Foundation for its general purposes."

Fixed Sum
A gift of a fixed sum is another gift option. This way you choose a specific amount of funds to be given to the Foundation to support equipment and future expansion of the Cove. A sample clause for a gift of a fixed sum is: "To deliver, pay or transfer the sum of $________ to the Cove Guest Home Foundation for its general purposes."

Gifts of Whole Estate
You may also wish to leave all of your estate to the Foundation. A sample clause for a gift of whole estate would be: "To deliver, pay or transfer all of my estate to the Cove Guest Home Foundation for its general purposes."

Leaving gifts to the Foundation in your Will is an easy way to make a long term commitment without affecting your current standards of living and will help ensure everyone's Long Term Care for the future.

Life Insurance
Did you know that a relatively small annual contribution used to pay premiums can provide a substantial gift to the Foundation for the future. A tax receipt will be issued annually to you for tax purposes. The Foundation will receive the sum assured at your death, tax free, creating a much larger gift than the total of your contributions. Your gift may be designated to a specific area of the nursing home. There are a number of unique ways to give a gift of life insurance.

Here are a couple of popular ways:

1. Name the Foundation as the owner and beneficiary of the policy.
If you own a paid-up policy, you can make the Cove Guest Home Foundation the owner and beneficiary and receive a tax receipt for the cash value of the policy. If you are still making payments to a policy, you will be receipted for the premiums paid.

2. Name the Foundation as beneficiary of the policy.
If you name the foundation as beneficiary, you still own the policy and have full rights to the cash value of the plan and you can change the beneficiary at any time. However, you can not receive a tax receipt because the charity does not own the policy. Another option would be to make your estate the beneficiary and make a bequest to the Foundation in the amount of the policy. Then a tax receipt can be issued.

Gift Plus Annuity
An gift plus annuity is a unique way to give, which allows you to donate while receiving income from your gift for the rest of your life. You may also be able to take advantage of a sizeable tax credit.

How it works is your gift to the Foundation is combined with a commercial annuity from a reputable life insurance company. The annuity payments are made to you for life and your spouse if desired. The Foundation receives, as a donation, the remaining portion of funds after the annuity has been purchased. You may be entitled to a tax receipt, depending on your age. Older donors will receive payments that are totally tax free and a donation receipt.

For example: "Mrs. Smith, age 80, discusses with her financial planner how she can have a guaranteed income for life from an annuity, while immediately benefiting the Cove Guest Home Foundation. She has $35,000 with which to purchase this annuity. The financial planner, Mrs. Smith and the Cove Foundation arrange for Mrs. Smith to receive $2,670 per year for life, tax free due to her age. The foundation will immediately issue a tax receipt for $4,829 - the amount expected left after the annuity payment are made. This is the amount the Foundation will receive as a gift."

Known to many as the "Everlasting Gift." Donations made to the Endow-ment Fund will be held in perpetual trust. Only the interest gained from the Fund is used to meet the long term care needs of tomorrow. Your donation remains intact, making it an everlasting gift. Contributions to the Fund are tax receiptable. A donation to the Fund helps the Cove Guest Home prepare for a growing senior population requiring quality long term care in a compassionate environment. Your gift (subject to certain criteria of the Fund) may be named for yourself, your family or a loved one.

For more information about Gift Planning, please complete the form:

I have named the Cove Guest Home Foundation in my will.
I am interested in Gift Planning, send me more information on:
Life Insurance
Gift Plus Annuity
Stocks & Bonds
Charitable Remainder Trust
Property & Other Assets
Provide me with a FREE copy of "Planning your Will - A Guide"

Your Name:
Mailing Address:
Postal/Zip Code:

Please let us know if you have any questions or comments:

Thank you!


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