Planning your estate now can assure that your retirement needs are met, that loved ones will be adequately provided for, and, in addition, save you tax dollars today and after your death. You can also make provision for those charities and causes that you supported during your lifetime.

A careful review of your long term needs along with advice from a lawyer, accountant or other financial adviser will ensure that tax and other considerations are taken into account in addition to providing you and your family with security and the knowledge that your wishes are met.

There are a number of different gift vehicles that will ensure your philanthropic objectives are met without a significant cost to family or friends that you also wish to remember. Following are a few examples for you to consider:

Bequests

You could include the Boys & Girls Clubs of Greater Victoria Foundation in your will with a specific bequest amount or a part of the residue of your estate. The bequest can include cash or securities, real estate, or cultural property such as books, manuscripts or works of art. You can designate bequests to benefit a particular area of interest or leave them unrestricted. For instance, the bequest could be directed to an endowment in your name or your family’s name from which only the interest earned would be spent on a particular program that you are interested in.

You can either amend your present will with a Codicil or draw a new will. Following are examples of clauses that might be inserted in a codicil to provide a bequest to the Boys & Girls Clubs of Greater Victoria Foundation. We urge people to consult their lawyer to fully explore their needs and wishes before any amendments are made to a current will or a new one is drawn up.

1. I give and bequeath the sum of $_____ to the Boys & Girls Clubs of Greater Victoria Foundation.

2. I give, devise and bequeath all the residue and remainder of my estate to the Boys & Girls Clubs of Greater Victoria Foundation.

3. After the decease of____________________ (name of person) I give, devise and bequeath all the residue and remainder of properties and income which was directed to be paid unto the said deceased during his/her lifetime, to the Boys & Girls Clubs of Greater Victoria Foundation.

You may add any of the following sentences to each of the above clauses in accordance with your wishes:

The Fund set up with the Boys & Girls Clubs of Greater Victoria Foundation emanating from this bequest, is to:

• bear my name/the name of my family, or
  
• bear this name ____________________
  
• remain anonymous

  The annual income from the Fund shall be directed to the:

• general charitable purposes of the Foundation, or
  
• The ________________ Program.

Gifts of Securities

New rules introduced in 1997 make it very beneficial tax-wise to donate publicly listed securties. If you give (transfer ownership prior to selling) the securties to a charity, rather than being taxed at a 50% rate on the capital gain or profit you make on the shares or mutual funds, that tax rate is reduced 25%. Additionally, your donation entitles you to two-tier tax credit with the first $200 of the donation in any given year generating a 17% federal tax credit (worth about 27% when provincial tax is taken into account) and amounts over $200 give you a 29% federal tax credit work about 50% when provincial tax is factored in.

Life Insurance Policy

This is a way to give a substantial gift to your favourite charity without a substantial cost to you! For instance, you could name the Boys & Girls Clubs of Greater Victoria Foundation as the beneficiary of a life insurance policy. Income tax receipts are issued for the premiums paid each year. Proceeds are paid directly to the beneficiary and are not subject to probate fees or legal costs. This leaves your estate intact for the family. Existing policies may also be assigned to the Foundation and a tax credit can be issued for the cash value of the policy at the time of the gift as well as for any premiums paid in ensuing years. Again, you may provide direction as to how the funds are expended.

Charitable Remainder Trusts

Charitable remainder trusts are created by a donor transferring assets cash, securities or real estate to a trust and irrevocably designating the Boys & Girls Clubs of Greater Victoria Foundation as the capital beneficiary upon the death of the donor and other heirs. The donor receives the income from the trust for life or if non-income producing assets are transferred, use of the property for life or other specified period. The Foundation would receive whatever remains in the trust after your death or after a specified period of years, whichever has been agreed.

The donor receives an immediate tax receipt for an amount equal to the value of the residual interest that belongs to the charity. This is actuarially calculated, taking into account the value of the property transferred to the trust, current interest rate, and your age.

This type of deferred gift provides reliable income without management responsibility, removes the trust property from a possibly contested will, current income tax savings as well as savings in ‘probate’ and legal fees as well as a gift to be used as you direct.

Gift Annuities

Letter of Intent

A letter of intent from a supporter, while not legally binding, enables the Foundation to honour the benefactor during his or her lifetime. Below is a suggested format:

To indicate my support for the Boys & Girls Clubs of Greater Victoria Foundation:

• I have made provision; or
  
• I will make provision
  to include a gift to the Boys & Girls Clubs of Greater Victoria Foundation through a bequest in my Will of:
  $ __________________ estimated/actual
  I am directing that this bequest is to be used for the:
  
• general charitable purposes of the Foundation
  
• purpose designated hereunder:

I am further directing that this gift be established in the following name(s):

Name of Benefactor:_________________________________________

Address:__________________________________________________

Signature:__________________________

Date: _____________________________

NOTE: This declaration of intent is not intended as a legal obligation and may be changed.