There are many ways to give – each way to give having its own unique benefit. We suggest seeking professional advice when considering a future gift. You may receive independent advice through our partner, Christian Stewardship Services.
Give Through Your Will
A charitable bequest is perhaps the simplest form of future gift to arrange. It is made through a person’s Last Will & Testament, or commonly referred to as “the will”. A bequest could involve gifts of cash, real estate or other property but usually is a percentage of the total estate value that is gifted to charity – or a percentage of the donor’s estate that is gifted after family needs are cared for. A unique way to incorporate such a bequest is to ‘adopt’ an additional child, called the Charity Child, through your will and thereby gift a child’s share of your estate to a charity or charities (we can insert links to pdf documents that give full explanation for all the types of gifts).
Revocable Deposit Agreement
A revocable deposit agreement is a combination of investment and gift. It is a giving tool that is arranged through our partnership with Christian Stewardship Services. It is especially designed for donors and investors who wish to put their money to work effectively to benefit themselves as well as charity. The donor receives up to fifty percent of the calculated earnings each June and December. The remaining interest earned is distributed to charity. Donors can choose to give all of the interest to charity as well.
Gifts of Endowment
An endowment gift is a way to give that lasts! Shalem depends on charitable support. Every donation is thankfully received and is quickly put to work on immediate needs. You can give a gift that will last for years to come.
An endowed gift can be a permanent gift where the capital is invested for the long-term. It’s like having a savings account or investment where only the interest or income earned on that investment is used each year. Endowment plans can be set up in various ways, depending on your wishes. You may wish to have a fund accumulate for a fixed period of time or choose to have the annual earnings gifted without delay.
An endowed gift can also be arranged with a much shorter time frame in mind for the underlying capital. You can arrange to have the underlying capital applied towards the intended need or purpose with a shorter time frame arranged (eg. 5, 10 or 15 years) as a means to meeting the needs of Shalem.
Gifts of RRSP/RRIF Designations
Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) are an important part of retirement savings. They can also be powerful donation tools. There are two ways you can use your RRSP or RRIF to support charity as follows:
Gifts of Life Insurance
Life insurance can be an excellent planned giving tool for a donor who wishes to make a substantial gift to charity. It is a way for moderate, tax-deductible deposits to be leveraged over time, resulting in a significant gift at the time of death. New or existing life insurance policies may be donated. There are many different ways life insurance can be incorporated into estate planning for the purpose of charitable giving. Usually, some form of permanent insurance is used to fund gifts of this type.
Charitable Gift Annuity
A charitable gift annuity is similar to a life-long pension you can purchase from a provider of your choice or from Christian Stewardship Services, but with a special twist: any remaining funds at your death are paid to charity. Gift annuities provide a high, tax-efficient income stream that continues for life. Since there is a future gift, you receive a donation receipt at the time the annuity is acquired.
A gift annuity is irrevocable. The funds once receipted, are removed from your estate, and are exempt from probate fees. Rates range from between 4.5-10% depending on your age. In today’s economic climate, rates like that are hard to come by. Gift annuities are popular amongst people who do not have a pension of their own, as they provide an alternative source of income for retirement instead of GICs, bonds, etc. given today’s low-interest environment.
If you live on a fixed income, but plan to make future gifts from your estate, a gift annuity offers you a chance to increase your income AND secure a gift for Shalem.
Gift Planning Support
You may seek planning advice for your giving from an advisor. Through our unique partnership with Christian Stewardship Services you can receive free gift planning support. They can help you plan a current and future gift. Connect with someone today by calling 1.800.267.8890 or complete a Request Form and we will connect with you soon.