About the Rosewood Manor Care Foundation
How to Leave a Legacy
You can make a lasting difference for generations to come by making a special bequest in your will. The Richmond Community Foundation manages our endowment fund. Our Executive Director can discuss various legacy options with you in detail.
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 examples for you to consider:
- Gifts through your will – Bequests
- Gifts through new or existing insurance policies
- Gifts by designating your RRSP or RRIF
INVEST IN YOUR COMMUNITY BY SUPPORTING SENIORS
You can be part of a happier, healthier tomorrow for hundreds of seniors in your community. Make a lasting gift to the Rosewood Manor Care Foundation.
WHAT IS GIFT PLANNING?
Planned giving is arranging a meaningful gift to a charitable organization like the Rosewood Manor Care Foundation in your long-term financial planning. Planned gifts are usually arranged now, but are received by the charity in the future. Gifts can include a bequest in your will, life insurance policy, RRSPs & RRIFs or charitable gift annuity.
Anyone can make a planned gift, regardless of age, occupation or financial means. Whether you choose to make a one-time gift or provide ongoing support or a future legacy, you share a common bond with all Rosewood Manor Care Foundation supporters – you care about the well-being of seniors and your community.
Needs are assessed annually and an unrestricted donation can and will be directed to the area where it is most needed. Alternatively, if you have a special interest and specify a particular program you would like to support, your gift will be used exclusively in that area. You can also choose to give to the Foundation’s Endowment fund, ensuring your gift is part of a sustainable funding plan.
Giving Through Your Will
Everyone needs a will. Otherwise, you have no control over what happens to your belongings or money when you die in the future of natural causes, or, suddenly by mishap or illness. After you have taken care of your family and your friends in your will, you can also include something in your estate for your favourite charities, including the Rosewood Manor Care Foundation.
You can designate a specific amount of money, a piece of property, or you can leave the "residue" of your estate to the Rosewood Manor Care Foundation. You can also make your gift contingent upon a spouse or loved one passing away before you, so that they would benefit first if they survive you.
You should discuss your will with a lawyer and your family. When you designate the Rosewood Manor Care Foundation as a beneficiary, we would like to know so we can recognize you as a Legacy Donors, whose bequests will give in perpetuity through our Endowment Fund.
Make a gift of cash or property by including the Rosewood Manor Care Foundation as a beneficiary in your will. It is one of the simplest planned gifts to arrange and it can significantly reduce your estate taxes.
Designate your RRSP or RRIF to Rosewood’s Care Foundation
Canada's tax law was recently amended to give you another choice of "beneficiary" for your RRSP (under age 69) or your RRIF (over 69). Instead of only a spouse, now you can designate a charity like Rosewood’s Care Foundation, meaning that the proceeds will flow directly to the Rosewood Manor Care Foundation without passing into your estate where it would be subject to income tax and probate.
If you have no spouse, or they are otherwise cared for in your will, designating the Rosewood Manor Care Foundation means an immediate gift to the RMCF when you die.
A Living Gift of Life Insurance
Make a substantial gift by naming the Rosewood Manor Care Foundation as the owner or beneficiary of a new life insurance policy. The premiums you pay qualify for a tax receipt. You can also transfer ownership of an existing policy to the Rosewood Manor Care Foundation and receive a tax credit for the cash surrender value.
A gift of insurance is a means to make a substantial gift at relatively modest cost. You pay the premiums and receive an annual tax receipt for their value – the Rosewood Manor Care Foundation is the beneficiary of the policy. Such a gift can be a new policy or the transfer of an existing one.
Rosewood’s Care Foundation can also own and be the beneficiary of a policy on your life. Again, you are receipted for the premiums. Your estate does not receive a tax receipt for gifts of insurance.
A LEGACY THROUGH AN ENDOWMENT FUND
You can choose to make a major gift to the Rosewood Manor Care Foundation in the amount of $10,000 or more, designated to an endowment fund in your name or the name of your family or a friend. The money will be invested or "endowed" and the interest earned will be allocated on an annual basis to the Rosewood Manor Care Foundation priority fitting your interests. The principle remains untouched, meaning your generosity and giving continues in perpetuity.
HOW TO MAKE A PLANNED GIFT
We would be very pleased to work with you and your advisors to arrange a planned gift which best suits your goals. The information here does not constitute legal or financial advice. You are encouraged to seek professional legal, financial and estate planning advice before deciding on a course of action. For more information, please contact the Rosewood Manor Care Foundation office at 604 271 3590 ext 132 or email.