May is National Leave a Legacy Month. A legacy is how you will be remembered after you are gone. It can be something physical and real – like money or property, or it could be something less tangible – like a legacy of kindness. For instance, at Providence Healthcare, we inherited a legacy of compassionate care from the Sisters of St. Joseph who founded Providence in 1857. We strive to honour that legacy every day, with every patient, resident and client that we serve.
In financial terms, a legacy is a form of planned giving. It is a gift of money or property you organize to be given after your death. You plan the donation ahead of time – usually in your Will. Sometimes it is called a bequest or an inheritance.
A legacy donation can take several forms: for instance, it can be a lump sum donation; it can be a percentage of what is left after you have provided for your loved ones; it can be a gift of stocks (securities that are publicly listed on a stock exchange); it can be land or property; it can be as simple as naming a beneficiary in a life insurance policy. If you include a legacy gift in your Will, your estate will receive a tax receipt that can be credited in your final tax return.
What will your legacy be?
Many people leave gifts in their Wills to their families and friends, but also to charities they supported or cared about while they were alive. Every year, Providence receives legacy gifts from people who cared about Providence and the people we help. Sometimes the donors have been patients at Providence, or are family members or friends of patients. In most cases, they want to thank Providence for the help and support they received during a difficult time. The donors take comfort knowing that after they are gone, they will be continuing to help people in need and make a lasting difference in the world.
If Providence has touched your life in a way that makes you want to give back, please consider including Providence in your will. Your support will help people who have faced despair and have come to Providence to find hope again
Providence Healthcare is a leader in providing rehabilitation, long-term care, palliative care and community programs in Toronto. To learn more, visit www.providence.on.ca.
To learn more about planned giving and leaving a legacy, please contact Dane Shumak, CFRE at email@example.com.