One of the biggest misconceptions about leaving a legacy is that only the wealthy can do it. The truth, however, is that everyone can plan a legacy gift no matter their current income or assets.
Legacy gifts can often result in a significant contribution to the theatre. While a commitment is generally made today, the financial benefits are usually not received by the theatre until sometime in the future. The beauty of planning a gift is that it enables individuals to match their philanthropic objectives with personal goals of providing for their heirs. To set up a Legacy Gift or to learn more, please email or call Shirley Yurchi at 403-294-7440, ext. 1002.
The most common type of legacy gift is a charitable bequest or gift by Will. This may be a cash donation or even a gift of property such as real estate, a work of art, or publicly listed securities.
A bequest is very easy to put in place and can be modified at any time. In addition, the tax receipt issued may result in a significant tax credit on your final income tax return. (Your estate may claim donations of up to 100% of your net income for the year of death and the year preceding death.)
A gift annuity is an arrangement under which you transfer a certain sum to Theatre Calgary in exchange for fixed guaranteed payments for the rest of your life or, alternatively, for a term of years.
Charitable Remainder Trust
In Canada, the charitable remainder trust has until recent years been virtually unknown, but it is becoming increasingly popular. The trust is managed by a third party whom you select and entrust, and it provides an income to you for the rest of your life, but it makes Theatre Calgary the ultimate beneficiary of the trust assets at the end of your life.
Gift of Life Insurance
By making Theatre Calgary the beneficiary of a life insurance policy today, you are giving the gift of the arts to tomorrow's audiences of Theatre Calgary. Rest assured that the gift of life insurance has no effect on the rest of your estate. Your beneficiaries will still receive everything you have allocated to them. As the value of your policy grows, so does the significance of your gift. By deferring the use of your policy, you ensure that the income it generates will continue to build.