An extraordinary woman leaves an extraordinary legacy
Carole Epstein was a bold and independent woman who never shied away from a challenge. These qualities propelled her through a varied and successful career as a model, businesswoman and, most recently, successful author of mystery novels, but they were never more evident than when she was hospitalized for ovarian cancer. “Carole faced her disease with enormous grace and courage,” recalls her physician, Dr. Christine Legler, an oncologist at the McGill University Health Centre (MUHC). “I remember her fierce determination to live her life as fully as she could for as long as she could.”
Epstein lost her battle with cancer in 2004 when she was just 59. Before her death, she made arrangements that demonstrated another of her remarkable qualities: uncommon generosity. In her will, she stipulated that a $2-million fund be created for the purpose of making gifts to causes that were particularly meaningful to her. Appropriately, the first of these gifts was a $50,000 donation to the MUHC Foundation and the Best Care for Life campaign to purchase ten portable chemotherapy pumps for the MUHC’s oncology day centre. These compact devices allow chemotherapy to be administered to some patients at home, eliminating the long and onerous hospital visits that are characteristic of conventional treatment.
Angela Lipper, a friend of Epstein’s and a board member of the Carole Epstein Foundation, accompanied Epstein to her chemo appointments on numerous occasions and remembers the boredom and frustration of sitting in a hospital room for many hours at a time. “How happy Carole would be to know that so many more people will now be able to receive treatment in the comfort of their homes,” she says.
Epstein’s caregivers recall that, no matter how sick she was, she took the time to perform small acts of kindness for her fellow patients, like offering a sip of juice to someone who was swallowing a foul-tasting medication. Through the foresight and generosity of her planned gift, Epstein has made sure that even after her death cancer patients at the MUHC will continue to benefit from her compassion.
Planning to Support the Best Care for Life
Carole Epstein’s posthumous donation of $50,000 to the Best Care for Life campaign perfectly demonstrates the power of a planned gift. By thinking ahead and working with her financial planners Epstein was able to benefit from advantageous tax regulations so that she could increase the amount of her gift and leave a meaningful personal legacy that will provide invaluable support for the MUHC’s oncology patients.
Planned giving is gaining in popularity among donors to the Best Care for Life campaign. While bequests are the best-known and most common method of making a planned gift, planned giving encompasses a wide range of giving strategies, that can afford significant financial advantages either to the donor while alive or to the donor’s estate. The gifting of securities, for example, has become even more attractive since the tabling of the 2006 federal budget, which eliminates the capital gains tax on gifts of publicly listed securities to registered charities. Other tax advantages are attached to gifts of life insurance, real estate and retirement plans such as RRSPs and RRIFs. Some planned gifts, such as the purchasing of charitable gift annuities and the establishment of charitable remainder trusts, can provide additional income streams for the donor while still alive.
Making a planned gift of any kind is a simple and flexible way to combine one’s philanthropic goals with sound financial planning. If you have any questions about planned giving strategies or would like to learn more about this form of support, please visit the planned giving section of our website.
