Leave a Legacy
Leave a Legacy
Thank you for considering leaving a charitable gift to Avalon Recovery Society as part your estate plan. By leaving a legacy gift, you help ensure that Avalon can continue providing hope for women and families well into the future.
To help you plan, we have included information about leaving a legacy below, as well as informational documents you can download and provide to your lawyer or estate planner.
What is a Charitable Bequest?
A Charitable Bequest is a gift arranged in your Will that becomes available after your lifetime, to the charity of your choice. A Charitable Bequest allows you to make a large impact on the future of Avalon Recovery Society without reducing your cash flow or savings today. Your estate will receive important tax benefits, ultimately providing the most value possible for your beneficiaries and heirs. A charitable bequest is a lasting statement of your generosity and care for your community and their future – a gift you and your family can be proud of.
How does a Charitable Bequest work?
To prepare a Will, you usually start by listing what you own and what you owe (your assets and liabilities).
You can choose to leave Avalon Recovery Society a specific amount of money, or a percentage of the value of your total possessions.
Although you plan for it today, Avalon Recovery Society receives your gift only after your death.
Charitable Bequests can take many forms, and often consist of cash savings, real property and/or appreciated investments that have increased in value since purchase (e.g. stocks, bonds and mutual funds).
How does a Charitable Bequest benefit you?
It provides you with an opportunity to make a large contribution to members of your community in a way that might otherwise be impossible during your lifetime. It would be an achievement for you and your loved ones to be proud of.
Your estate will receive a donation receipt for the full value of your bequest gift. The resulting tax credits will reduce taxes owing on your final tax return. This helps increase the remaining value of your estate for your beneficiaries. When you include a bequest in your Will, you keep your right to change it at any time. Your cash flow, savings and worldly belongings are still yours, during your lifetime.
What else should you consider?
Please notify us of your intention to include Avalon Recovery Society in your Will. This will help ensure that your bequest is carried out in the way you intend. This also allows us to thank you for your support, and to provide you with our proper legal name, charitable registration number and proper wording for your Will. We can also offer you meaningful recognition and stewardship options – ways for us to share our gratitude with you during your lifetime.
The annual gift contribution limit for charitable donations increases from 75% to 100% in the year of death. Any excess tax credits generated by your bequest can be carried back one year, and applied to recover a portion of that year’s tax, also to a maximum of 100% of income for that year. Overall, the income tax your estate pays is reduced, maximizing the value of the estate available to your other beneficiaries.
Obtain advice from a lawyer/estate planner in preparing your Will, communicating your bequest intentions and maximizing your estate’s tax benefits.