Planning Your Legacy
You can play an important role in Mackenzie Health's future by leaving a legacy gift to Mackenzie Health Foundation.
If you've been touched by Mackenzie Health, a planned gift is the ultimate way of expressing thanks. Your future gift will have a lasting impact on the financial health of Mackenzie Health ensuring that we continue to be a vital, life-giving presence in our community for generations to come.
Join the Legacy Society
As a member, you will be recognized today for your commitment to the future with a listing on our donor walls at both hospital sites. You will also receive exclusive updates on hospital activities and invitations to Legacy Society events.
A gift of assets may enable a larger donation that would otherwise not be possible in life. This type of gift can be given now, or in the future, and can provide you with the opportunity to establish your personal legacy and help Mackenzie Health Foundation fund lifesaving equipment, advanced technology, important upgrades and staff education now and in future, so the ultimate care is here for you and your loved ones when they need it most.
These gifts may include:
- A bequest in your will
- Stocks, bonds or mutual funds
- A life income arrangement such as a charitable remainder trust or gift annuity
- Property such as real estate
- A new, full or partial paid insurance policy
- RRSPs and RRIFs.
Some of these gifts have added tax benefits beyond the usual charitable tax credit, such as a 50% reduction in capital gains tax for a gift of appreciated stock.
No matter what the form of your gift, you will be remembered by your legacy, which will live on through each of the lives you touch with your generous donation.
Including A Gift Bequest In Your Will
There are so many benefits to remembering Mackenzie Health Foundation in your will. To begin with, it’s a remarkable act of generosity that says so much about what you value. At the same time, you retain control of your assets during your lifetime. Your estate taxes can be significantly reduced, which is a big advantage to your heirs and a great comfort to you. And it’s easy to do. You can choose a specific gift amount or contribute all or a percentage of your estate’s assets.
When you are ready to include a charitable bequest in your will, speak to your family and loved ones, and then to your lawyer about drafting a will, or adding a codicil to an existing will using some of the suggested language provided here:
Sample Clauses for Bequests
Mackenzie Health Foundation Charitable Registration No. 11930 6215 RR0001
“To Mackenzie Health Foundation of 10 Trench St, Richmond Hill, ON L4C 4Z3, I give the sum of $______________ (or I leave ____% of my estate or the estate residue) to be used for the purpose of (Mackenzie Health).”
“To Mackenzie Health Foundation of 10 Trench St, Richmond Hill, ON L4C 4Z3, I give the sum of $_______________ (or I leave _____% of my estate or the estate residue) to be used specifically for the purpose of the ____________________________________ (Mackenzie Health).”
“To Mackenzie Health Foundation of 10 Trench St, Richmond Hill, ON L4C 4Z3, I give the sum of $______________ (or I leave _____% of my estate or the estate residue) to be used to establish the (your name) Endowment Fund. The principal contributed for this fund may be included with other Mackenzie Health Foundation assets for investment purposes. The annual income created by the endowment fund shall be used specifically for (state purpose, program or hospital site) of (Mackenzie Health).”
The following clause empowers Mackenzie Health Foundation’s Board of Directors to vary the purposes for which the gift is used if circumstances make it impossible or impracticable to carry out the original purposes. It is recommended that this clause be included wherever a designated use is specified.
“If in the opinion of the Directors of Mackenzie Health Foundation (hereafter the Directors) it should become impossible, inadvisable or impracticable to apply the said gift for the said purpose or if the Directors are of the opinion that part of the gift is not required for such purpose, the Directors shall use the gift or such part thereof in such a manner as, in its discretion, may be to Mackenzie Health Foundation’s best advantage for other purposes consistent with the spirit and intention of the gift.”
Professional Advice
We recommend that you seek professional advice to draft or change your Will to ensure that it accurately reflects your wishes and states your exact intentions. It is important that you find a lawyer you feel comfortable with.
Once you have included Mackenzie Health Foundation in your will, or you intend to do so, please notify us by completing our Legacy Gift Confirmation Form. This will give us the opportunity to welcome and recognize you as part of the Mackenzie Health Foundation’s Legacy Society.
Common Legacy Giving Questions
Every gift makes a difference, and we appreciate your consideration.
Some people think that including a gift to charity in their estate plans is only an option for the very wealthy. The truth is, anyone can – no matter your household income. You have the potential to leave a gift that will impact the future of health care for generations.
Leaving a legacy gift does not require you to give any funds during your lifetime and will not take away from your loved ones. A gift in your estate is one of many ways you can give. This way of giving, often times, will allow you to give much more than you ever thought possible during your lifetime as your estate includes all of your assets – like real estate or investments, which are often overlooked when you consider how much you have.
A legacy gift is a way for you to leave a lasting footprint of kindness in the world. These gifts provide a source of future funding that will support the causes you care most about. It is also important to consider that a charitable gift can reduce the amount of taxes to be levied against your estate after you pass.
Your legacy gift to Mackenzie Health will be used in a similar way a cash donation would be put to use today. At the time of your passing, your gift will go towards the greatest priorities of the Hospital, like life-saving equipment and advanced technologies, or it can be further directed toward a specified hospital site and program to ensure we can continue to deliver the ultimate in patient care for our community. Whatever option you chose, know that your legacy will give Mackenzie Health the means to heal and save even more lives, and have a lasting impact for generations to come.
There are many ways to ensure your loved ones are taken care of along with remembering Mackenzie Health in your estate plans. A popular option is called a ‘residual gift’*. This means you can take care of your loved ones first, along with any debts, before leaving whatever is remaining to Mackenzie Health.
*Residual Gift – You can give a percentage of your estate, less your debts.
One way to describe a residual gift is to think of your estate like a pie, with slices going to your loved ones, debts and charities of your choice. If you’re not certain about the total size of your estate, this is a safe solution to make sure your estate can meet all your needs.
If you have an existing Will, and would like to leave a gift to Mackenzie Health, ask your lawyer to add a codicil (an addition that modifies a part of your Will) that establishes a gift to Mackenzie Health.
For more information and to discuss your legacy at Mackenzie Health, please speak with Aisha Talarico Nicastro at (905) 883-1212 ext.7805 or email at Aisha.Nicastro@MackenzieHealth.ca.
For more information and to discuss your legacy with Mackenzie Health please contact:
Aisha Talarico Nicastro, Planned Giving Officer Aisha.Nicastro@MackenzieHealth.ca 905-883-1212 x. 7805
Mackenzie Health Foundation Charitable Registration No. 11930 6215 RR0001
