Leave a Legacy with a Planned Gift at King's
You may be surprised to know that conversations about legacy gifts at King's are not all about death, taxes, and big money. When we have conversations about a planned gift, it's essential for us to understand your values. There are many different ways to support future students and programs at King's and we're dedicated to ensuring planned gifts align with your passions and interests.
Leave a Gift in your Will
By making a gift in your Will (otherwise known as a charitable bequest) you plant the seeds for a vibrant future and ensure our uniquely Christian education and research will continue to grow and thrive for years to come.
When you create a bequest, you provide a significant gift that can result in a tax receipt for your estate. This receipt will reduce taxes owed by your estate and can result in greater benefits for your heirs.
The greatest benefit of creating this kind of legacy is the fulfillment of making a lasting difference in an area that holds personal significance and value to you; knowing you are contributing to the work of God’s kingdom.
There are three common ways to leave a bequest gift:
- Specific bequest: You specify a certain amount, asset or item
- Residual bequest: The King’s University receives the remainder of your estate after debts and provisions for other heirs have been disbursed
- Percentage bequest: A defined portion of your estate is given to The King’s University
If leaving a bequest in your Will is of interest to you, consider printing the following sample Will wording for possible discussion with your lawyer.
Gifts of Life Insurance
Some donors have existing life insurance policies that are no longer required for their original purpose. If this is the case, you may choose to transfer ownership of the policy to The King’s University and may be eligible to receive an immediate tax receipt for its current cash value.
Donors may also transfer ownership of a policy that has premiums owing and can receive a tax receipt for both the cash value and any future premium payments.
Donors may choose to establish a new policy with The King’s University as owner and beneficiary and will receive a tax receipt for any premiums paid.
It is also possible to set The King’s University as the beneficiary (not owner) of a policy. When the donor passes away, the estate will receive a tax receipt for the amount of the death benefit. Premiums in this case are not eligible for a tax receipt.
Gifts of RRSPs, RRIFs, or TFSAs
Donors who do not have a spouse have the option to name The King’s University as a direct beneficiary on either an Registered Retirement Savings plan (RRSP) or Registered Retirement Income Fund (RRIF). In this case, the gift will pass to The King’s University outside the donor’s estate but the estate will receive a tax receipt, offsetting taxes owed and potentially leaving more for the donor’s heirs.
Similar to RRSPs and RRIFs, it is possible to name The King’s University as a beneficiary of a Tax Free Savings Account (TFSA). Donors can obtain a beneficiary designation form from their plan’s provider and complete the form identifying The King’s University including our charitable registration number 108085911 RR0001.
Other Planned Giving Opportunities
Donors might consider other unique way to make a planned giving contribution. Some of these take a little more planning but have benefits to both King’s and donors. The King’s University works closely with Christian Stewardship Services (CSS) to help structure these types of gifts appropriately. We would be happy to make an introduction and work as a team with CSS, the donor, and the donor’s advisers as needed.
Gift of Residual Interest
A donor can make a gift of residual interest by transferring ownership of property to The King’s University while retaining the right to use it during his or her lifetime or for a specified term. In these cases, the donor would receive an immediate tax receipt for the future value of the property and the gift would pass to King's outside of the donor’s estate.
Charitable Remainder Trusts
By donating cash or property to establish a trust, you can receive income from that asset during your lifetime or for a period of time. The gift will pass to The King’s University outside your estate, and depending on your circumstances, you may receive a tax receipt for the future value of the gift.
Charitable gift annuities
Charitable annuities are a gift that gives back to the donor. Donors may contribute a lump sum, and The King’s University uses part of that money for its charitable priorities and uses a portion to purchase an annuity that pays donors some income for life or a set term. Depending on a donor’s situation, a portion or the entirety of this income may be tax-free.