Ways to Donate
When you make a planned gift, you are ensuring that St. Michael’s Hospital will continue to stop at nothing for our patients and their families for generations to come.
There are so many benefits to remembering St. Michael’s Hospital Foundation in your will. To begin with, it’s a remarkable act of generosity that says so much about what you value. At the same time, you retain control of your assets during your lifetime. Your estate taxes can be significantly reduced, which is a big advantage to your heirs and a great comfort to you. And, it’s easy to do. You can choose a specific gift amount, or contribute all or a percentage of your estate’s assets.
When you are ready to include a charitable bequest in your will, speak to your family and loved ones, and then to your lawyer about drafting a will or adding a codicil to an existing will. Please review the information in our Suggested Bequest in a Will. There is some proposed wording that should be helpful.
If you’re thinking about making or updating your will and estate plans, there are low-cost and even free online programs that can help you. Then there’s the traditional hand-written will, and of course lawyers are available for phone consultations. Whichever option you choose, we recommend you talk to your lawyer or financial advisor to make sure it is legally valid and meets your needs.
If you have already included St. Michael’s Hospital Foundation in your will, or you intend to do so, please notify us by completing our Inscription Form. This will give us the opportunity to welcome and recognize you as part of the St. Michael’s Society. We would be pleased to share how your gift will help St. Michael’s continue to pioneer revolutionary approaches to research and patient care – now and for future generations.
Gifts of Securities
A gift of securities is a cost-effective way to make a significant gift to St. Michael’s Hospital Foundation. You can donate a gift of securities during your lifetime or through a bequest. By donating publicly traded securities, you eliminate the capital gains tax that you would have to pay if you sold the securities and donated the proceeds.
To make a gift of securities, consult with your financial planner or accountant, and work with your broker to initiate the transfer by completing our Donation of Securities Form.
Gifts of Life Insurance
Naming St. Michael’s Hospital Foundation as a beneficiary in a new or existing policy is an affordable way to make a larger gift to the hospital later while enjoying the tax benefits now. As you pay the premiums during your lifetime, you build a sizable future gift that will help St. Michael’s relentless physicians and scientists revolutionize research and patient care for future generations. You can structure your life insurance gift so that you receive donation receipts equal to premiums you pay each year during your lifetime, or so that your estate receives the donation receipt. As gifts of life insurance are separate from your estate, they are not subject to probate fees or other settlement delays. This means your gift goes to support the hospital right away.
There are various ways you can donate life insurance:
• Purchase a new policy, naming St. Michael’s Hospital Foundation as the owner and beneficiary. All premium payments are fully tax deductible during your lifetime. After your death, St. Michael’s will receive the full proceeds of your policy.
• Name St. Michael’s Hospital Foundation as the beneficiary of a new or existing policy. After your death, St. Michael’s will receive the proceeds of the policy, and your estate will receive a donation receipt to be used in the final tax returns.
• Transfer ownership and beneficiary of a partially or fully paid policy to St. Michael’s Hospital Foundation. You will receive a donation receipt for the cash surrender value at the time the policy was donated. Any further premium payments you made are tax deductible.
Please consult with your insurance provider and financial advisor about the options that are best for you.
Learn more about gifts of life insurance
Gifts of RRSP/RRIF Funds
RRSPs and RRIFs are the most heavily taxed assets in a person’s estate. By making St. Michael’s Hospital Foundation the beneficiary of your RRSP or RRIF, you will retain ownership of the fund during your lifetime, and your gift will not be subject to probate tax. You can also donate a portion of your funds by naming more than one beneficiary. Your estate will then receive a donation receipt for the amount given to St. Michael’s. To donate your RRSP or RRIF, you do not have to revise your existing will – simply contact your financial advisor and request a Change in Beneficiary form.
Learn more about RRSP/RRIF.
Other Planned Gifts
There are various other ways you can plan a future gift to help St. Michael’s Hospital take on the toughest health-care challenges.
• You can set up a Charitable Remainder Trust (CRT). This provides you with income during your lifetime while leaving the remaining property in the trust to St. Michael’s Hospital Foundation.
• You can set up an endowment fund that will be invested and the income generated annually will support ground-breaking research, education, and patient care.
• You can make a gift of real estate.
Resources for Professional Advisors
On behalf of St. Michael’s Hospital Foundation, thank you for your expertise in helping clients include charitable giving as part of their estate plans. Your planning will not only create potential tax benefits for your client; it will also ensure that St. Michael’s continues to take on the toughest health-care challenges now and for generations to come.
We accept many types of gifts including bequests, life insurance, securities, RRSPs/RRIFs, endowment funds and Charitable Remainder Trusts.
The following resources will assist you in working with your clients to determine which type of gift is right for them and carrying out their philanthropic wishes.
Suggested Wording for Wills
Bequest Inscription Form
Life Insurance Information
RRSP & RRIF
Gift of Securities Form
Legacy Donor Stories
St. Michael’s matching gift program increased the impact of Maggie Kong’s legacy tenfold, enabling the purchase of an electrocardiogram machine for the hospital.Read article
After 40-year career at St. Michael’s, Jean leaves legacy gift to support nursing educating.Read article
Every month for the past 34 years, Patricia Nilsson has transferred a small amount from her bank account to St. Michael’s.Read article
A book of poetry eases fears and raises funds to fight cancer.Read article