Including a gift in your will is one of the simplest and most common types of Legacy gifts. Your estate gift may specify a certain sum of money, a share or percentage of the estate, or the residual of the estate to be donated to Weizmann.
• You have the use of the capital during your lifetime.
• A tax-effective way to support Weizmann as it reduces taxes owed by your estate. Your estate will benefit from a donation tax receipt.
• Your estate can claim gifts equal to 100% of net income in the year of passing, in the preceding year, and in any of the five subsequent years when taxes are owed by the estate.
• A flexible gift which can be altered during your lifetime.
Sample bequest wording:
“I give, devise and bequeath (property/percentage/dollar amount) to The Canadian Society for the Weizmann Institute of Science to be used to support the Weizmann Institute.”
By naming Weizmann the owner and beneficiary of a new or existing life insurance policy, you will receive a charitable tax receipt for the net cash surrender value of the policy and all future premium payments. You may also name Weizmann the beneficiary, but not the owner of a life insurance policy. In this case, your estate will receive a charitable tax receipt for the paid-out value of the policy upon death.
• Modest annual premiums can result in a significant future Legacy for Weizmann.
• You receive a charitable tax receipt based on the way the insurance was gifted.
• Gifts of life insurance are not part of your estate, so you are able to designate funds to the areas that matter most to you.
For more than 80 years, Weizmann scientists have been dreaming of a better world. With your Legacy gift, you will give our scientists the flexibility to chase their ideas wherever they may lead and take advantage of future opportunities.
Weizmann can be a named beneficiary of Registered Retirement Savings Plans (RRSP), Registered Retirement Income Funds (RRIF), and Tax Free Savings Accounts (TFSA).
• Remaining funds in most RRSPs/RRIFs/TFSAs become fully taxable as income in the year of death, usually at the highest tax rate. Naming Weizmann as the direct beneficiary of such plans generates a charitable tax receipt which will offset this tax.
• Gifts of registered funds are not part of your estate, so you are able to designate funds to the areas that matter most to you.