Planned Giving – Planning for the Future
The plans you make today will help define your legacy in our community tomorrow. Your gift for the future is helping children, youth and families in our care today. Thank you for your generosity.
We gratefully accept gifts from donors’ estates, RRSP’s and RRIF’s and gifts of publicly traded securities to Hull Services Reg. Charitable #BN 13008 4858 RR0001 or to the Hull Child and Family Foundation, Reg. Charitable #BN 14057 4708 RR0001.
Charitable Bequests
A charitable bequest gift can be made to us by naming Hull Services or Hull Child and Family Foundation as an estate beneficiary. With a gift through your Will you retain full use of your gift property during your lifetime.
You can leave your gift unrestricted or choose how it’s designated. Perhaps you’d like your gift to be used for one specific purpose at Hull Services or perhaps you would like to create an endowment with the Hull Child and Family Foundation and benefit children, youth and families in Alberta in perpetuity.
Bequest gifts can be made specific or residual, and can include cash, securities, retirement funds, real estate or other property. Talk to your financial adviser about the option that is right for you and your family.
What type of bequest is right for you?
Specific bequest is a gift of money or property. When you designate a fixed dollar amount or specific property to Hull, the size of the gift remains fixed and is the first to be distributed from your estate.
A Residual Bequest is a gift that comes from what is left in your estate once all other debts, taxes, beneficiaries and expenses are paid. There is no need to update a residual bequest in your Will even as your estate adjusts in size.
A gift of property can include publicly traded securities, real estate, art or other objects of value.
RRSP’s, RRIF’s and TFSA’s
Saving for your retirement is an essential part of a complete financial plan. However, your strategy should also consider what happens to your RRSP, RRIF or TFSA when you are gone.
If you die without a surviving spouse or qualifying dependents, the full remaining value of your RRSP or RRIF is added to your income in the year of death, and your estate must pay the taxes, often creating large tax liabilities. If your RRSP or RRIF names a registered charity, such as Hull Services or Hull Child and Family Foundation as the direct beneficiary, your estate will receive a donation receipt for the entire value of the plan, offsetting any tax liability. The tax receipt can be used as a charitable tax credit that can be used in your final tax return. In all cases, you minimize taxes and make an impactful legacy gift.
Because you are taxed on the income you draw from your retirement funds, gifting them while you are still alive is also an effective way to reduce your taxes owing and you get the satisfaction of helping families in Alberta immediately.
Your acknowledgement
Our staff will work with you to develop the appropriate acknowledgment of your gift. We recognize the generosity of our donors by ensuring the individual is acknowledged; however, some donors wish to remain anonymous, a request we will respect absolutely.