Once the well-being of your family and loved ones is ensured, you can choose to make a significant donation to the Fondation Charles-Bruneau by shifting your intentions. In the event of major changes in your life, you can always modify your will based on your situation.
A bequest remains one of the simplest and most accessible ways of planning a donation. Various options are available:
- Specific bequest (a specific amount or a specified asset)
- Residuary bequest (the total or a percentage of what remains after debts and specific bequests have been paid)
- Universal bequest (total estate, sometimes divided among several beneficiaries)
All of these means entitle the donor to a tax receipt, which may be used at the time of the donor’s final income tax return. The tax advantages of an estate donation can considerably reduce the estate taxes paid.
Donation of the product of a life insurance contract
There are various ways to plan a donation through life insurance. The terms and conditions of a donation in the form of life insurance will depend on your objectives, your age and your family situation:
- Transfer of an existing policy. If you do not require the protection offered by a life insurance policy, you may transfer the property to the Fondation Charles-Bruneau, while continuing to pay the premiums, where applicable.
- Purchase of a new policy. If you wish to make a significant donation even though your current resources are modest, you can purchase a life insurance policy and then transfer the policy to the Fondation Charles-Bruneau. In this case, it is always preferable to spread out the premiums over a limited term, for example over a period of three, five, seven or 10 years. Each premium paid entitles the holder to a tax receipt for an amount equivalent to the premium in question.
- The Fondation may be appointed the beneficiary of a life insurance policy, in whole or in part.
Donation in the form of an annuity
A charitable life annuity consists of a donation in cash or other assets to a charitable organization in exchange for income guaranteed for life or for a determined period. Given that the Fondation Charles-Bruneau is not authorized to issue an annuity, the donor, with the Fondation’s assistance, will contract an annuity from a life insurance company and designate the donor as its chief beneficiary. Thus, the insurance company remits an annuity to the donor until the end of his or her life. When the donor passes away, the residual value of the annuity is remitted to the organization as a second beneficiary.
Donation through a charitable-remainder trust
The charitable-remainder trust is a form of a donation of remainder interest. The donor (the “trustor”) transfers an asset to a trustee, who serves as its holder and manager. The asset’s net revenue is remitted to the donor or a designated beneficiary, or to both. When the trust is terminated (upon death of the beneficiary or beneficiaries, or after a predetermined period), the remaining funds are remitted to the Fondation Charles-Bruneau. If the trust is irrevocable, the donor is entitled to a charitable donations receipt equivalent to the current value of the remainder interest on the date of the termination of the trust.
Example of Planned Donation