Ways to make legacy gifts to the Pacific Salmon Foundation in your will
The following are possible ways to make legacy gifts in your will to the Pacific Salmon Foundation, and sample phrases for consideration by donors and their lawyers:
a. A general bequest for a sum of money. "I give to the Pacific Salmon Foundation the sum of $______."
b. A specific gift of tangible assets such as stock, proceeds of an insurance policy, an RRIF or RRSP, property or possessions. "I give to the Pacific Salmon Foundation (X shares of ABC stock)."
c. A 'residual' bequest, designating all or a specific portion of what remains after all debts, taxes, expenses and other bequests have been paid. "I give (X%) of the residue of my estate to the Pacific Salmon Foundation."
d. A continguent bequest. "In the event that my husband/wife does not survive me, I give the Pacific Salmon Foundation the following (amount of cash, property or percentage) or my residual estate."
e. A 'failed' bequest. "In case any bequest made by this Will shall fail, the property so bequeathed is to go to the Pacific Salmon Foundation."
f. A bequest to take effect after a lifetime beneficiary has passed away. "Upon the death of (my wife, brother, etc.), the remainder of my estate shall be paid to the Pacific Salmon Foundation."
g. A beneficiary of the last resort. "In the event that there is no beneficiary alive at the time they are entitled to receive a share of my estate, then the shares of the estate that they would have been entitled to receive shall go to the Pacific Salmon Foundation."
A charitable donation made at death is subject to a 100% of income limit, which can be carried back to the year prior to death.
The following may be incorporated in the Will or instructions may be filed with the Pacific Salmon Foundation:
- If the bequest is to be made to an existing funding program.
- If the donor wishes to establish a Named Fund.
- If the annual allocations are to be designated to specific charities or as bursaries.
- If the annual distributions are to be in a field of interest.
- If the annual distributions are to be totally discretionary.
The advantage of having these instructions on file is that they can be changed very easily during the lifetime of the donor without amending the Will.