Wills & Bequests
If you have a personal interest in enhancing the Shaar Shalom experience for future generations, a planned bequest in your Will is something you should think about. When you want to reduce or even eliminate your final income taxes a well planned charitable bequest is ideal. You can make a gift in your Will, maintain financial security during life and disinherit the taxman.
Gifts by Will are becoming more popular as an increasing number of people include Shaar Shalom Synagogue as a beneficiary. It’s one way to support Shaar Shalom when it might not be financially possible during your working or retirement years, A bequest is a revocable gift that can be amended at any time. Charitable gifts made in a Will are deemed made in the year of death. The charitable tax credit is therefore received by the estate and can offset any tax owing from the estate.
If you are about to draft a Will or make changes to your current Will, your lawyer can include a bequest to Shaar Shalom Synagogue. You can leave a specific amount, a particular asset, a percentage of the value of your estate or the residue of your estate after all other bequests have been made.
The easiest and least expensive way to make a small change in your existing will is to add a codicil. The cCodicil will retain all the provisions of your Will, except those which are modified by this addition. If you already have a will and are considering a bequest to Shaar Shalom, the addition of a codicil should be discussed with your lawyer.
Gifts of Life Insurance
A Gift of life insurance presents you with an opportunity to make a significant future gift to benefit Shaar Shalom, while enjoying current and/or future tax savings. It is an economical way to give a larger and more lasting gift at a fraction of the ultimate value from disposable income. A gift of life insurance is also an ideal way for you to support a particular area of interest and/or program at Shaar Shalom, at a level that may not be possible by any other means.
Giving a Gift of Life insurance is a wonderful way to show you care. This type of gift often allows a person of modest means to make a donation much larger than they might have been able to make during their lifetime. Instead of contributing annually to Shaar Shalom, a donor directs funds to insurance premiums. As such you would receive a charitable receipt for each premium payment made. A gift of this type generates immediate and future tax relief for a donor and does not diminish your estate.
You can transfer ownership of an existing policy to Shaar Shalom Synagogue. Donors considering the transfer of a life insurance policy should obtain professional advice concerning the income tax consequences of such a transfer.
You can take out a new policy, making Shaar Shalom Synagogue the owner and/or beneficiary. If Shaar Shalom is named both the owner and beneficiary, you will receive a charitable receipt for paid premiums; if Shaar Shalom is named beneficiary only, your estate will receive a charitable receipt for the full value of the gift.
For further information on a legacy gift, please contact Mel Fishman, Administrator in confidence at (905) 889-4975 or e-mail admin@shaarshalom.ca