Estate & Planned Giving (Legacy Giving)
"We make a living by what we get, but we make a life by what we give" - Winston Churchill
Education changes lives by helping people achieve their dreams. Consider a gift that will make a difference to the future generations of Mohawk College students and help someone change their life. Planned giving ensures that your legacy has an impact on what is most important to you. By deciding to include Mohawk College as a beneficiary in your estate, you have entered a partnership committed to bringing innovation, imagination, enterprise and leading edge facilities to our future leaders. This investment will enhance Mohawk's status as a world-class teaching and training institution and will benefit students for generations to come by providing an attractive environment and effective programs designed to direct pathways to rewarding careers and fulfilling lives.
Planned gifts not only allow you to support excellence in education but provide you with significant tax advantages that benefit you and your family. There are many types of planned giving, these include:
- Gifts of Life Insurance
- Charitable Gift Annuity
- Gifts of Retirement Benefits
- Charitable Remainder Trust
A bequest, also known as a gift by Will, provides the opportunity to support a priority project or student awards at Mohawk College that aligns with your interests. Upon your passing, your estate will receive a tax receipt equal to the value of your bequest. Your decision to name Mohawk College as a beneficiary in your Will is a reflection of the values you support throughout your lifetime- the importance of education.
- A bequest can be stated as a percentage of an estate or a specific dollar value; they may include gifts of cash, securities, proceeds from your RRSPs or RRIFs, real estate or any tangible property.
- Mohawk College staff will be pleased meet with you and discuss the recommended will language or any other information you or your lawyer may require.
- By letting Mohawk College know your intentions, you make it possible for us to recognize your generous gift today.
A gift of life insurance is one way of making a considerable donation to Mohawk College without a significant cost of current savings or income. Many people struggle with fulfilling charitable aspirations while making certain their families are taken care of through their estate. A gift of life insurance does not reduce the value of your estate for your family and friends and allows you to make a significant donation to an organization you support.
- A gift of life insurance allows you to make a donation to Mohawk College at a relatively low cost, allowing your donation to be larger than you imagined.
- Life insurance proceeds are not subject to probate or estate fees if the policy names a charitable organization such as Mohawk College as the beneficiary.
- By naming Mohawk College as the owner and beneficiary of your life insurance policy you receive immediate tax savings. In this instance the gift is irrevocable, which means it cannot be changed.
An annuity is a great way to make a donation to Mohawk College while still having access to the income from your assets. A charitable gift annuity will allow you to make a gift to Mohawk College, save tax, and increase your income.
- The charitable gift annuity is guaranteed income for life, regardless of the economy or interest rate changes; it may also be set up as a survivorship annuity that continues as long as your spouse lives.
- You will receive a charitable tax receipt for the amount of the gift portion to Mohawk College.
- You have the ability to create a named endowment fund which will continue to support the academic needs of students attending Mohawk College.
Your RRSP or RRIF is a thoughtful way of planning the way your legacy will live on. By choosing Mohawk College as a beneficiary of your retirement benefits you are joining in the partnership of inspiring opportunities while maintaining current assets. You can avoid probate by designating Mohawk College as the beneficiary of your retirement savings on your registered documents. Your estate will receive a tax receipt for the value of the investment at the time of your death which can be applied towards the estate's final income tax return.
A charitable remainder trust is another option available when leaving Mohawk College assets such as cash, securities, or real estate. A trust will allow you to make a significant deferred gift to Mohawk College. The actual gift - or capital - has been legally promised to Mohawk College upon your passing. But you will immediately receive a tax receipt for the present value of your gift (which can be used to offset current or future income tax), and during your lifetime you will receive the income earned by the invested capital.
If you are considering a planned gift to Mohawk College, we ask that you first consult with your financial advisor to make sure that the option fits your estate and financial planning situation. We also encourage you to speak to our Development Department Staff prior to finalizing your planned support. We are always available to assist you and your financial advisors.
Senior Development Officer, Annual & Planned Giving