Gift of Life Insurance
Life insurance is a way to make a significant future gift at an affordable current cost without reducing the future value of your estate. You can transfer a life insurance policy to the Foundation and you will receive a donation receipt for the cash surrender value of the policy. As well, if you continue paying premiums, you will receive an annual tax receipt for these premiums. When you die, the charity receives the face value of the policy.
Alternatively you can take out a new life insurance policy at any time with the charity as the owner and pay the premiums, for which you will receive annual tax receipts.
Gifts in Your Will
Specific gifts of cash, securities or assets, or a percentage of the remaining estate can be bequeathed to the Foundation in your will. Your estate will receive a donation receipt for the value of your gift to reduce the tax payable on your final tax return. In this case your beneficiaries will benefit from the tax savings.
Gift of Residual Interest
This vehicle lets you commit an asset such as your airplane or a valuable piece of artwork to be given to the foundation after you die. You get a tax receipt for the value of your donation now and you get to enjoy the asset for the rest of your life. The charity will assume the asset upon your death and realize the cash value from it.
Named Endowment Fund
If you are able to make a very large donation you may wish to consider your own named endowment fund. Endowment funds are invested securely to generate on-going annual income in support of the Foundation’s work. Contact COPA to discuss this option.