You Have the Power to Change the Future
Would you like to support the Miles Nadal Jewish Community Centre even beyond your own lifetime?
People often wish that they could have such a meaningful impact on the future. Planned Gifts allow you to do exactly that. By creating your planned gift today for the future benefit of the Miles Nadal Jewish Community Centre (MNjcc), you can ensure the financial future of the MNjcc in a substantial way without affecting your current lifestyle. And the tax savings your estate will receive could increase the amount of money you can leave to your loved ones.
The Easiest Planned Gift of All
The most common Planned Gift is a bequest in a Will. Bequests are created by adding a codicil to an existing will or including a gift when you make a new will. If you are simply adding a codicil to your existing will, many lawyers will do that without any charge. This is especially true if you provide specific wording.
The heart of the community.
By creating a gift like this for the future, you will help ensure that the MNjcc remains open to all, regardless of race, creed or affiliation. A place where people gather to share common interests, celebrate significant events, and enrich their lives through exciting and diverse programs.
More on Bequests
Bequests (gifts in wills) enable individuals to make significant gifts that they may not have been able to make while living – gifts that continue to make a difference for many years.
Your bequest to the Miles Nadal Jewish Community Centre (MNjcc) may be directed for general use by MNjcc, or for a special purpose that you may designate. A bequest can be a specific amount of money; a specific asset, or a percentage of the residue -- the remainder of your estate to be distributed after specific bequests are fulfilled.
If making a gift, please ensure you give your lawyer our proper name, which is “Miles Nadal Jewish Community Centre.”
How to make a gift through your will
If you are drafting a will or codicil, or contemplating a change to your will, you can make a gift by adding wording similar to the following:
“I devise and bequeath (all/or ___%) of the remainder of my property to the Miles Nadal Jewish Community Centre to be used or designated as its board of directors in its sole discretion deems appropriate.”
Remember, when making a bequest, speak to your lawyer about drafting or revising your will. It is always best to include your trusted advisors and family when you change your estate plan.
Gifts of Life Insurance
There are a number of ways to support the Miles Nadal Jewish Community Centre with a gift of life insurance.
Gift of an existing policy – you can transfer an existing policy by naming the MNjcc the owner and beneficiary. If the policy is paid up, you or MNjcc need pay no additional premiums. The tax receipt is issued for the cash surrender value of the policy, plus any accumulated dividends and interest at the time of the transfer. If you continue to fund future premiums, these amounts will also be eligible for the donation credit.
Gift of a new policy – you can choose to take out a new policy with MNjcc as owner and beneficiary. It is important that MNjcc is the owner as well as the beneficiary. If the charity is not made the owner, Canada Revenue Agency states that no gift will have been made, and no tax receipt can be issued. Under this type of arrangement, you pay the premiums each year and MNjcc issues an annual tax receipt for those premiums. The insurance proceeds will be paid directly to MNjcc when you die.
Gifts of Publicly Listed Securities
Donating publicly traded securities, such as a stock, bonds and mutual fund units, is a simple and tax wise way to make a gift. This is because there is favourable tax treatment related to the taxable portion of a capital gain. You’ll receive a charitable tax receipt for the full value of your donation while eliminating the capital gain that may be owed if you were to sell the security.
Securities are equally tax-effective whether given today or in the future through a bequest.
Charitable Remainder Trusts (CRT)
A Charitable Remainder Trust lets you make a gift to Miles Nadal Jewish Community Centre (MNjcc) through a trust arrangement. You normally benefit from the Trust arrangement immediately, with MNjcc being the eventual beneficiary of the trust itself.
To establish a CRT, you transfer some form of property to MNjcc with the knowledge that it will be held until the term of the trust expires. The term is normally to your death. The trust can be set up in life or through your estate. At the time the trust expires, if the property produces income, this income will be paid out to you or some designated beneficiary until the trust terminates. If the trust is irrevocable, you are entitled to an immediate tax receipt for the present value of the residual interest.
Please call us to see how this trust arrangement can be used as an alternative to a bequest gift.
It is always best to include your trusted advisors and family when you change your estate plan.
Recognizing your Generosity
We will celebrate your planned gift by welcoming you to the Earl Mandell Legacy Society, a group of supporters who, like you, have arranged gifts to support the vision and future of Miles Nadal Jewish Community Centre. The MNjcc recognizes Society Members by publishing names of donors (and stories if possible) in our newsletter and annual report, at public events or ceremonies, With your permission, the Miles Nadal Jewish Community Centre will permanently recognize your Planned Gift by inscribing your name on a plaque on the Main Lobby Donor Wall (min $10,000 gift required).
You may, of course, remain anonymous if you wish, with our complete assurance that we will keep your commitment confidential.