Leaving a portion of your estate to Glenbow is an act of philanthropy that demonstrates incredible thoughtfulness, foresight, and generosity. You can leave your gift unrestricted and be confident it will address Glenbow’s areas of greatest need in years to come. Or you can choose to give to a particular area, such as new exhibitions, educational programming, or preserving the collections. Whatever you are passionate about at Glenbow, we will ensure your legacy gift has a powerful impact on the community you care about.
Gift in Your Will
Naming Glenbow in your will can be one of the simplest methods of realizing a legacy gift. Once you have taken care of your family and loved ones, the most common ways you can include Glenbow in your will are:
- Residual gift: A percentage of the remainder of your estate after other specific designations have been fulfilled.
- Specific gift: A specific dollar amount or stated fraction of your estate or a specified gift in kind.
- Contingent gift: A gift originally intended for other beneficiaries in your will that is redirected as a charitable donation if the other beneficiaries die before you.
About a Gift in Your Will
Simple Process
Instruct your lawyer to include a gift to Glenbow in your will.
Flexible
A gift in your will can be for a specific amount, a percentage of your estate, or the residue of your estate. You can direct your gift to be unrestricted or to go toward a specific initiative at Glenbow.
Tax Effective
A gift in your will is an effective way to reduce taxes on your estate, leaving more for family and loved ones or other charities you care about. Glenbow issues a charitable tax receipt for the total value of your gift, which can reduce the tax payable on your final tax return.
Peace of Mind
You can make a meaningful gift to Glenbow without depleting cash reserves, and you can make changes to your will at any time.
When you meet with your lawyer or estate planner, you can share the sample language below and ask to have it included in your will. Feel free to contact us if you require more specific language.
I give and bequeath _______% of the residue of my estate [OR the sum of $_______] to GLENBOW – ALBERTA INSTITUTE to be expended and used by Glenbow in support of its highest priority needs. The receipt of the treasurer or other officer of this organization shall be a sufficient discharge to my trustees.
Thank you for considering a gift to Glenbow as part of your estate planning. Establishing a legacy gift is a meaningful way to support the long-term viability of your favourite charity and make a lasting impact in your community. We strongly encourage you to consult with your lawyer, estate planner, or financial advisor if you are considering a gift in your will. We would be pleased to work with you and your trusted advisors to ensure your legacy giving intentions are met.
Gift of Life Insurance
Naming Glenbow as the beneficiary and owner of a life insurance policy can be a powerful way to make an impact at an institution you care deeply about. It allows you to create a substantial legacy without a large upfront financial commitment. Whether a new or existing policy is gifted to Glenbow, you can use life insurance to increase your charitable giving beyond what you may have thought possible. You can choose to continue paying premiums directly to the insurance company or donate the money to Glenbow to take over the premium payments. The difference between the two is when you receive your donation tax receipt: one will generate a significant tax benefit today, while the other will have tax benefits for your estate.
About a Gift of Life Insurance
Easy and Convenient
Your life insurance specialist can make the process of gifting a life insurance policy to Glenbow simple. They can help determine the type of policy that aligns with your goals, assist in customizing the policy to meet your specific needs, and handle all the necessary paperwork to maximize impact.
Cost Effective
Giving life insurance is a strategy in which you can make a significant charitable contribution without depleting your current assets or impacting your estate later. There are also potential tax receipts for premiums being paid that can be applied to your annual return.
Eliminates Fees
Life insurance is not subject to probate fees or delays associated with the probate process. The entire proceeds of the policy are payable to your designated charity at maturity or upon your death.
There are two common options to discuss with your insurance specialist:
Existing Policy
You can transfer ownership of an existing life insurance policy to Glenbow. By doing so, you receive a charitable deduction for the cash surrender value of the policy or the cost basis, whichever is less. If you continue to pay premiums after the transfer, those premiums are also tax-deductible.
New Policy
You can also purchase a new life insurance policy with Glenbow named as the owner and beneficiary. You continue to pay the premiums and receive a charitable tax receipt for those payments.
Thank you for considering a gift to Glenbow as part of your estate planning. Establishing a legacy gift is a meaningful way to support the long-term viability of your favourite charities and make a lasting impact in your community. We strongly encourage you to consult with your lawyer, estate planner, or insurance specialist to discuss the transfer of an existing policy or purchase of a new policy. We would be pleased to work with you and your trusted advisors to ensure your legacy giving intentions toward Glenbow are met.
Contact Us
Looking for more information? Ready to have a conversation about making a legacy gift? Please contact:
Wendy Fallon
Director, Advancement Operations
wfallon@glenbow.org
Download Glenbow’s Gift in Your Will PDF
Download Glenbow’s Gift of Life Insurance PDF
