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We hope that you will consider including a gift to the JCFC in your will.

A bequest is a versatile gift. You can structure a bequest to leave a specified dollar amount, a percentage, or the residue of your estate.  You can make your gift outright to the JCFC, or as a contingent gift used to capitalize an endowment fund in your name to support the causes that matter most to you. Whether your are gifting a set amount or a percentage of the estate, your donation can make a difference for generations to come.

By directing a portion of your estate (generally a specified amount or percentage of the residue) to the JCFC, you can significantly reduce the taxes payable upon death. When the Foundation receives the bequest it will issue a donation receipt for the full value of the gift, which may be claimed in the year of death or the preceding year.

Advantages of Bequest or Will

When planning a future gift, it’s sometimes difficult to determine what size donation will make sense. Your gift can be for specific sum, or you can

  • make a bequest of a percentage of your estate, insuring that your gift will remain proportionate no matter how your estate’s value fluctuates over the years.
  • make a residual bequest designating all or a portion of whatever remains in the estate after all debts, taxes, expenses and other bequests have been paid.

We understand that your circumstances may change. Because you are not actually making a gift until after your lifetime, you can alter your gift at any time.

Your gift be undesignated and used for the general purposes of the Foundation or directed to your fund at the Foundation and used for the purposes set out in your fund agreement.

A gift of an RRSP or RRIF may be an ideal way to create an endowment or leave a bequest to the community.

1. You may designate your estate as the beneficiary of your retirement plan assets and include in your will a bequest of the RRSP or RRIF to the Jewish Community Foundation of Calgary.

2. You can sign an RRSP or RRIF designation form naming the Jewish Community Foundation of Calgary as beneficiary.

Either method gives the same income tax result, creating a generous tax credit that your executors can use to apply against your income in the year of your death.  Furthermore, and in either case, any unused portion of the tax credit can be used to shelter your income for the year preceding the year of your death.  However, making the JCFC a direct beneficiary of your RRSP or RRIF will maximize the charitable value of your gift by avoiding provincial probate taxes payable on the value of the RRSP or RRIF.

Sample Wording for Wills

If you are planning to leave a bequest to the Jewish Community Foundation of Calgary, your wishes must be clearly set out in your will or trust.

Generally, just a few sentences are needed.

–the first paragraph specifies how the amount of the gift should be determined (are you making a specific bequest, a percentage or designating the residual of your estate).

–the second paragraph indicates how the income is to be expended (for example, the donor may wish to direct the gift to the General Heritage Fund with the annual income distributed at the discretion of the directors of the JCFC, or they may wish to establish a new fund or contribute to an existing named fund).

Here are a few examples of wording that could be useful.

“I give and bequeath the sum of  (you can insert a dollar amount or a percentage or the words residue of my estate remaining) to the Jewish Community Foundation of Calgary to establish the (insert nameFund.

“It is my wish that this gift be held in perpetuity and that only the annual net income derived from the fund shall be(you can select one of the following)

  • Used for general distribution purposes at the discretion of the directors of the Jewish Community Foundation of Calgary (this is called an unrestricted fund)
  • Used solely for support of (insert an area of interest you wish to support-
    this is called a field-of-interest fund)
  • Used solely for support of (insert the name of a specific charity or charities by percentage that you wish to support-this is called a restricted or designated fund)
  • Added to the Endowment Fund already established by (insert the name of the fund or the organization) for the purposes outlined in the agreement established with that fund or organization 
  • Used for the purposes as shall be directed annually by (insert the names of your representatives), failing which the income shall be used for general purposes at the discretion of the directors of the Jewish Community Foundation of Calgary (this is called a donor advised fund)

The JCFC offers considerable flexibility to donors, so there can be many variables in the wording of wills. We would be happy to work with you and your legal advisor to create a document that will fulfill your philanthropic intentions.

 

Please consult your tax or estate planning professional to determine what is best for you.