Charitable Bequests
Planned Giving
LEAVE A LEGACY
You can leave a legacy for the gospel is by naming The World Impact Ministries Inc. in your last Will and Testament.
Your bequest can be a stated dollar amount, a percentage, specific assets or the remainder of your estate after other distributions have been made.
Your last Will and Testament is your final wishes put into writing for how you want to distribute your assets after your death. Without a proper Will in place, the government decides how your estate will be distributed.
World Impact Ministries strongly encourages donors to seek the services of a qualified lawyer to ensure that a bequest is set up in the most appropriate way.
Types of Charitable Bequests
There are many ways to make a charitable bequest that will best suit your personal philanthropic goals and financial situation. Some of the types of bequests include:
GENERAL BEQUEST
This directs that the ministry receives a designated sum. You may prefer this arrangement because it is considered a primary charge against your estate, which means it will most likely be fulfilled.
SPECIFIC BEQUEST
This directs that the ministry receives a specific piece of property such as a piece of real estate, the stock from a specific company or some other specified property. Specific bequests are often the most tax efficient way to give to the ministry.
CAUTION: A specific bequest can be satisfied only with the property designated. If that property has been sold or otherwise removed from the estate, the ministry would receive nothing in its place.
RESIDUAL BEQUEST
This designates that the ministry receives all or a portion of whatever remains in your estate after all named beneficiaries, debts and administrative fees for settling the estate have been paid. The advantage of a residual bequest is that your charitable intentions will not jeopardize the amount you want to bequeath to your primary heirs and beneficiaries. The disadvantage is that there may be nothing left over to fulfill your charitable goals.
CONTINGENT BEQUEST
As the name implies, this bequest is “contingent” on some event. Usually, you might make a primary bequest for a relative (e.g. a spouse or child), with the contingency that if that relative should predecease you, the bequest would pass to the ministry instead.
CHANGING YOUR WILL
If you already have a will in place, you do not have to change your entire will in order to add the ministry as a beneficiary. Usually, all you need to do is to add a clause (codicil) to your existing will, stating your intentions. Codicils, like wills, must be dated and signed, and your signature must be witnessed.
SAMPLE WORDING
If it is your wish that your bequest benefit the total work of the ministry, then your designation should state: To The World Impact Ministries Inc.
If you want to designate your bequest for a particular area of ministry, then you can use a clause such as, To The World Impact Ministries Inc., the sum of $_____, with the request that it be used to assist ___________.
TAX BENEFITS & CONSIDERATIONS
When you make a bequest to a charitable organization, your estate is eligible to receive a donation receipt for the full value. The executor for your estate can then claim a tax credit for up to 100% of the net income on your final tax return. Any unused credits can be applied against your previous year’s income, again up to 100% of your net income. This means that you can make a significant charitable gift, and your estate and heirs reap the tax benefits of your generosity.
Since Capital gains on appreciated stocks, bonds and mutual funds are eliminated when transferred directly to a charity, a specific bequest of publicly traded securities is tax-smart way to leave a legacy.
IMPORTANT INFORMATION
The following information will help you designate The World Impact Ministries Inc. in your Will and Testament:
1. The World Impact Ministries Inc. charitable registration number is: 87292 0723 RR0001
2. Sample Bequest language to be used in your Will and Testament:
I give the sum of ______ of my estate
to The World Impact Ministries Inc.,
Attn: Planned Giving Department,
190 Railside Rd, Toronto, ON, M3A 1A3
*You may put a dollar amount or a percentage.
**Please consult an attorney if you have any questions about creating or amending your Will and Testament.
FOR FURTHER INFORMATION
For further information please phone, email, or send a letter to:
The World Impact Ministries Inc.
190 Railside Rd,
Toronto, ON M3A 1A3
416.497.4940 x 4017
plannedgiving@peteryoungren.org
TAKE NOTE
The information on this web page does not constitute legal or professional advice and should not be substituted for appropriate professional advice. The World Impact Ministries encourages you to seek professional legal and financial advice before deciding on a course of action.
Contact Us
WIM, P.O. Box 62039 RPO Victoria Terr, North York, ON M4A 2W1 + 1.416.497.4940 Email: info@peteryoungren.org