A life insurance policy is an easy and uncomplicated way to make a Planned Gift. As the owner/beneficiary of the policy, the Timmins and District Hospital Foundation will receive the insurance proceeds at death. These proceeds are not included in the value of the estate, thereby reducing probate fees otherwise payable by the estate. A new policy can be purchased and assigned to the Foundation as the owner and beneficiary. You will receive tax receipts for the annual premiums that you pay. An existing policy ownership can be transferred to the Foundation and a tax receipt will be issued for the cash surrender value, plus each subsequent premium payment you make. In both cases, immediate tax benefits will be realized.
