Leave a Legacy
What does tomorrow hold for an Albertan diagnosed with cancer?
Will future generations receive the emotional, financial, and practical support to complement a clinical procedure? People are living with cancer longer, thanks to medical advances, and the need for Wellspring is growing.
A legacy gift is a simple and thoughtful way to leave a personal legacy, representing your life and values. Whether it is a bequest in your will, trust, retirement account or life insurance, your gift allows you to make a difference for generations to come.
All of the programs and services at Wellspring are provided at no charge to those living with cancer and those that care and love them. Wellspring does not receive core government or hospital funding, instead relying on the generosity of donors like you.
You enable us to fulfil our mission of serving people living with cancer at no cost to them. Pass on something wonderful.
“I found Wellspring and it made such a difference in my life. It still does. I’ve come to count on it for support and connection. Legacy Giving is very powerful. It gives me such a feeling of fulfillment to know I’m doing something right now that will help other people in the future.
I hope I can help plant a thought and raise awareness for others to do the same. Legacy Giving is something to think about now. It’s that idea of having your say now, instead of when you are not here. You decide your own legacy – it’s empowering.”
Michael Webber
Wellspring Member
Bequests
Your Lasting Legacy
A bequest is your lasting legacy, letting others know what was important to you. Donors are also invited to receive recognition today for your future commitment to Wellspring.
No Capital Gains
If the bequest is funded with publicly-listed securities, there will be no capital gains tax payable on the securities donated, under current legislation.
Reduce Estate Taxes
Your estate is entitled to a donation receipt for the full value of the bequest, which may dramatically reduce taxes payable by your estate.
Claim Donations Towards Income Taxes
Your estate can claim donations for income tax purposes of up to 100% of the net income in the year of death, and any excess amount can be carried back one year.
Changeable
A bequest is revocable and can be changed in your financial situation changes.
Retirement Funds
Tax Effective
RRSPs/RRIFs are among the most highly-taxed assets in your Estate. If the beneficiary of your retirement funds is someone other than your spouse or dependent child, the proceeds of the RRSP/RRIF will be taxed as ordinary income in your estate. However, if you name Wellspring as the beneficiary, the total amount of the RRSP/RRIF will be given directly to Wellspring and your estate will receive a charitable tax receipt for the total gifted amount.
Changeable
RRSPs/RRIFs gifts are revocable and can be changed if your financial circumstances change.
Full Use
You have full and complete use of your retirement savings while you are alive.
Life Insurance
Larger Gift at Low Cost
Donating by life insurance policy allows you to make a larger gift than you may have thought you could afford, at a relatively low cost. You can make a substantial and meaningful future contribution with modest tax deductible premium payments.
Doesn't Change Your Estate
A gift of life insurance does not reduce the value of your estate for your loved ones.
Claim Donations Towards Income Taxes
A gift of life insurance allows you to structure your tax credits to suit your financial situation – you can receive an annual tax credit or your estate can receive a tax credit in the year of death.
Act Today
How Do I Make a Bequest?
Making a bequest is simple. If you have already prepared your will, you can update it with a codicil, which is a supplementary document added to the existing will, describing your gift intentions.
If you have not yet prepared a will, we recommend you do so as soon as possible. This is an important first step to ensure your intentions for your estate are documented and your family and loved ones are taken care of.
You may make a specific bequest to Wellspring to identify a defined gift amount, or you may make a residual bequest, which means that you designate all or a percentage of the remaining portion of the estate, after debts, taxes, and administrative expenses have been paid.
It’s important that you consult with a lawyer when drafting your will, or updating it when your circumstances change.
If you plan to include a bequest in your will for Wellspring, please include:
Our legal name: Wellspring Alberta
Our charitable registration number: 80901 3675 RR0001
Wellspring Alberta
1404 Home Road NW
Calgary, AB T3B 1G7
How Do I Establish a Gift of Retirement Funds?
You may name Wellspring as a direct beneficiary of your Registered Retirement Savings Plans (RRSPs) or your Registered Retirement Income Fund (RRIF).
If you have already named a beneficiary of your RRSP/RRIF but would like to include or change the beneficiary to Wellspring, simply call your financial advisor or financial institution and ask to change the beneficiary designation.
Please use the following information:
Our legal name: Wellspring Alberta
Our charitable registration number:
80901 3675 RR0001
Wellspring Alberta
1404 Home Road NW
Calgary, AB T3B 1G7
How Do I Establish a Gift of Life Insurance
You can make Wellspring the beneficiary of an existing life insurance policy, or a new one. For the cost of a monthly premium (a tax deductible expense), you can leave a major bequest.
- You can donate an existing policy and receive a tax receipt for the cash surrender value and any subsequent premiums paid, simply by designating Wellspring as the irrevocable owner and beneficiary.
- You can donate a new policy to Wellspring. You will receive a tax receipt for the full amount of premiums paid after the date of transfer, again by designating Wellspring as the irrevocable owner and beneficiary.
- You can name Wellspring as the beneficiary of a life insurance policy from your employer. A donations tax deduction for the estate will be available when the death benefit proceeds from the policy are paid directly to Wellspring.
Sample Wording for your Will
When planning your individual estate, Wellspring recommends that you consult with your professional advisor to maximize your individual estate tax plans. We would be pleased to meet with you and/or your advisors to provide additional information or a sample financial illustration tailored to your needs.
The following will clauses can be provided to your lawyer when arranging a bequest gift to Wellspring:
To give a specific amount “I give the sum of $_____ in cash to WELLSPRING ALBERTA (Charitable Organization Number: 809013675RR0001) to be used where it is needed most.”
“I give to WELLSPRING ALBERTA (Charitable Organization Number: 809013675RR0001) ____ % of the rest, residue and remainder of my estate to be used where it is needed most to fulfill its mission.
“I give to WELLSPRING ALBERTA (Charitable Organization Number: 809013675RR0001), ___ shares of COMPANY-NAME, to be used where it is needed most to fulfill its mission.”
“I give to WELLSPRING ALBERTA (Charitable Organization Number: 809013675RR0001), the sum of $________ to be used in support of (for example) the therapeutic arts programs.”
In order to ensure that your contribution is utilized according to your wishes with the maximum amount of flexibility, please consider including this “Power to Vary” provision: “If, in the opinion of the Board of Directors of WELLSPRING ALBERTA (Charitable Organization Number: 809013675RR0001), it should become impossible, inadvisable, or impractical to use this gift for the purposes of supporting _______________________, then the Board of Directors may in its discretion use the gift to the best advantage of WELLSPRING ALBERTA (Charitable Organization Number: 809013675RR0001), keeping in mind the original wishes of the donor.”
Questions?
If you have additional questions, contact Sabrina Ali at: 780-758-4433 ext. 222 or sabrinaa@wellspringalberta.ca
Legacy Society
If you have already included us in your will, please let us know so that we can thank you and invite you to join our Legacy Society. This exclusive group comprises donors who have pledged a lasting legacy to Wellspring. As a token of our appreciation, we extend a special invitation for you to attend events exclusively curated for our Legacy Society members. Your dedication to our cause is truly inspiring, and we look forward to the opportunity to thank you in person.
