Bequests
This is the most common type of planned gift. Making a charitable bequest to the MUHC Foundation is a way to leave a legacy that will benefit the health-care needs of your family, friends and community, while at the same time resulting in tax benefits for your estate. When a bequest is realized, a tax credit is issued in the amount of the bequest and can be applied against income tax due for the deemed disposition of property at death.
Bequests are gifts that are made in a will or codicil. You may make a direct bequest of a specific dollar amount, or may designate property, such as securities, real estate or art. You may also bequeath the residue or a percentage of the residue of your estate (the residue is the part that remains after all taxes, debts, expenses and other bequests have been paid).
You may also choose to direct your bequest to a particular department of the MUHC, or for a particular purpose. This is known as a designated bequest.
Another possibility is to make an alternative bequest that will be given to the MUHC Foundation only in the event that certain persons named in your will do not survive you.
The following sample clauses may help guide you in designing your bequest and can be easily tailored to your requirements.
Please note that sample phrasing below is merely a guide. You should consult a lawyer or notary for the drafting of the bequest so that your wishes are properly reflected.
General Clause
I give to the McGill University Health Centre Foundation the sum of $________
Unrestricted Bequest
I bequeath to the McGill University Health Centre Foundation the amount of $_______ to form part of its permanent endowment. Annual income to be used for the highest priorities as determined by the administration of the MUHC
Designated Bequest
I bequeath to the McGill University Health Centre Foundation the amount of $ _______ to form part of its permanent endowment. Annual income to be desifnated to the Department/Division of ________________ for the purpose of ___________________________.
