A gift of a cash bequest or legacy in your will is one of the more common ways to benefit the BC Schizophrenia Society (BCSS). The gift does not take effect until after your death, and is only made if there are funds available in your estate to make the payment. Usually this is done by your will, which specifies a specific amount of money to be paid by your executor to BCSS, after the payment of all debts which may be owing at the time of your death.
Your Executor/Trustee receives a tax receipt for the full amount of the gift, which can be used to offset income tax both for the year of death and the year immediately prior to death, up to 100% of your taxable income.
You can make the gift by specifying a sum of money to be paid to BCSS in your will (which is most commonly known as a cash legacy or bequest), or you may choose to leave a share or percentage of the residue (the balance of your estate after all administrative expenses including income taxes have been paid) of your estate to BCSS. You may choose to direct your gift to be used to support BCSS Programs and Services or Schizophrenia research. You can work with your lawyer or notary to ensure that the gift is worded properly in your will, and meets all of your estate planning needs. Sample Will Wording
As always, we recommend you consult with your professional advisors in making your gift.
If you would like further assistance or information, with specific reference to sample clauses to make such a gift, please contact:
Toll Free: 1.888.888.0029