what is legacy giving?

FirstU's Charitable Number: ​107387953 RR 0001

Legacy Giving generally involves planning gifts that will benefit the congregation in the future. Such gifts can allow you to make a substantial, long -term financial contribution independent of your current financial needs. The two principal types of legacy gifts are 1) bequests (gifts by will) and 2) beneficiary designations. Talk to us about other possible types.

Bequests can be for a specific amount of money and/or specific assets, all or a fraction of what remains after other obligations are met, or contingent on other conditions being met, such as the prior death of other beneficiaries.

​Beneficiary designations (naming the congregation as a beneficiary) can be done for a life insurance policy, or other accounts* such as an RRSP or RRIF or TFSA.

* If you are a Quebec resident, such designations must be done in your will.

the benefits of legacy giving

Legacy gifts:

• Are often the largest gift you can make to a cause close to your heart
• Have no impact on income or assets during your lifetime
• Can help reduce taxes on your estate *
• Are relatively easy to change (“revocable”)
• Will be a good source of future funding for the congregation

* Certain types of gifts not covered by this information can provide tax benefits during your lifetime.

tips on legacy giving

Some important things to consider in your planning are:

• Always have a will and Powers of Attorney (for health care and property)
• Seek professional legal and financial advice according to your province of residence
• Discuss your plans with family and others implicated, including beneficiaries such as the congregation
• Make your gifts as unrestricted as possible, because future needs are notoriously difficult to predict

living our generosity

Legacy giving is possible for almost everyone. Contact us using the button below to request more information and to have your questions answered.

request more information about legacy giving