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Bequests

Leave a legacy and celebrate a lifetime of giving. Support Southlake’s vision of providing shockingly excellent service closer to home for the communities it serves.

After providing for dependents, family or friends, many people choose to make a lasting impact by leaving a legacy through a bequest, a gift in a will, to the organizations and causes they believe in. By including Southlake in your estate plans the way M. Cornell-Hori did you can make a significant and very meaningful gift that represents your lifetime values while having little or no effect on your current lifestyle. A bequest also helps to offset taxes payable by your estate.

Because all bequests are invested as part of the Foundation’s endowment and grants are made on an annual basis from the investment income, your gift will touch a countless number of lives. What a wonderful legacy!

You can direct your bequest to the unrestricted endowed fund to address the areas of greatest need at the hospital or, if you have a special interest in a particular area of the hospital you can direct your bequest to one of the donor-designated funds. With a bequest of $10,000 or more you can establish a named endowed fund.

If you are interested in establishing a named endowed fund through a bequest we encourage you to contact the Foundation at 905-836-7333 or 1-877-457-2036 or foundation@southlakeregional.org to discuss your wishes so that we can ensure that Southlake will be able to use your gift for its intended purpose.

The most common types of bequests are

Specific bequest
Southlake receives a specific dollar amount or stated portion of your estate.

Residual bequest
Southlake receives all or a percentage of the remainder of your estate after other specific legacies have been fulfilled.

Contingent bequest
Southlake receives all or a share of your estate only in the event of the prior death of other named beneficiaries.

Trust remainder bequest
Named beneficiaries receive income from a trust established in your will. Upon the death of your surviving beneficiaries, all or part of the principal will pass to Southlake.

A bequest may also include other types of assets such as securities or properties or you may designate Southlake as the beneficiary of all or part of an RRSP, RRIF or insurance policy. Each of these options has special tax benefits. For more information please consult with your financial/estate advisor or contact Southlake Foundation.

If the terms and conditions of the bequest are consistent with the needs of the Hospital and consistent with Canada Revenue Agency (CRA) policies, then the bequest will qualify as a charitable gift and a charitable donation receipt will be issued to the estate of the deceased for the final tax return.

Benefits of bequests

• Membership in the Legacy Circle.
• Bequests allow you to make a significant gift without affecting your current lifestyle.
• Your estate will receive a charitable donation receipt for the full amount of your gift.
• Your estate may claim a tax credit equal to 100 per cent of your net income in the year of death and the preceding year.
• You will have the satisfaction of knowing that your bequest will be endowed and will therefore continue supporting excellence in healthcare even after you are gone.

How bequests benefit Southlake

• All bequests (unless otherwise specified by the donor) are automatically endowed and help Southlake build a strong future
• Bequests are usually larger than outright gifts

Proper Bequest Wording is Important!

Southlake Foundation is pleased to assist you and your professional advisors by providing or reviewing sample bequest wording in confidence to ensure the hospital can accept your gift as you intend. Please use the legal name “Southlake Regional Health Centre Foundation” in your bequest clause. We also encourage you to discuss your legacy gift plans with family members.

If you would like more information about making a bequest, please contact Southlake Foundation at 905-836-7333 or 1-877-457-2036 or foundation@southlakeregional.org

   The information provided is general in nature and is not intended to be a substitute for professional legal or financial advice. Southlake Regional Health Centre Foundation encourages donors to seek independent legal and/or financial planning advice.

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