Planned gifts

As part of the Université de Montréal, IRIC accepts several types of planned gifts through the University’s Office for Development and Alumni Relations. We suggest that you first consult IRIC’s Development Director to discuss your situation prior to making a planned gift:

Life insurance

A gift of life insurance is made when you name IRIC/Université de Montréal as the beneficiary of your life insurance policy. It also has many benefits, including:

  • a substantial donation at a modest cost;
  • immediate or deferred tax credits depending on the selected option;
  • no impact on the value of your estate;
  • life insurance benefits will be paid directly to IRIC/Université de Montréal and therefore avoid being subject to probate.

When choosing this type of donation to IRIC/Université de Montréal, you will have a number of options, including the following most popular choices:

  • to acquire a new life insurance policy and name IRIC/Université de Montréal as its owner and irrevocable beneficiary, which allows you to receive a tax credit for the total amount of premiums paid.
  • to donate an existing policy you no longer need by naming IRIC/Université de Montréal as its owner and irrevocable beneficiary, which allows you to have a tax credit for the cash surrender value of the policy.
  • to name IRIC/Université de Montréal as the beneficiary of your new or existing life insurance policy. This means that upon your death your estate will be entitled to a tax credit and your donation will be excluded from the estate and therefore avoid being subject to probate;
  • to name IRIC/Université de Montréal as the irrevocable beneficiary of the death benefit of the group life insurance policy you have as an employee of the Université. In this case you will be entitled to an annual tax credit equivalent to the employee-paid premiums.

Essentially, the most attractive benefits of a gift of life insurance are the tax savings that comparable to those of cash and low price gifts.

Charitable gift annuity

A charitable gift annuity is a way to make a substantial donation gift to IRIC/Université de Montréal, and still receive a fixed and comfortable income. Your capital contribution serves two purposes:

  • it allows IRIC/Université de Montréal to use a part of the gift for buying annuities from an authorized institution (insurance or trust company) in exchange for a guaranteed lifetime income,
  • the other part of your contribution represents a donation to the IRIC/Université de Montréal.

The charitable gift annuity is particularly appropriate for donors who are 65 years or older and who wish to makeing a significant capital contribution since it offers both interesting tax benefits and substantial annuity payments. In general, charitable gift annuities offer the following benefits:

  • increased profitability, especially because of partly or totally (depending on the donor’s age) tax-free guaranteed income;
  • a fully contractually guaranteed lifetime investment;
  • no need to worry about management;
  • no negative impact resulting from eventually decreased interest rates thanks to a predetermined income amount.

Before making a decision in this matter, it is highly recommended to carefully review your financial, tax and estate situations. For example, what is your annual tax rate? What annual annuity income do you expect to receive? What proportion of your capital do you expect to use for this type of donation?

Bequest

A bequest is the most common type of planned gift. A last will and testament, preferably a notarial one, is easy to prepare and it guarantees that your property will be managed in accordance to your will. A will drawn up by a notary will not only ensure the financial security of your loved ones but also offer you the opportunity to support IRIC/Université de Montréal by bequeathing us some or all of your property or the residue of your estate. Moreover, a bequest will give significant benefits for your estate that will result in a tax credit up to 100% of your net income in the year of your death.

One important point to note is that a charitable bequest does not have to be in cash. It may also be made in the form of publicly traded securities, real estate or other property such as works of art.

There are various types of charitable bequests, including the following:

  • general bequests designating IRIC/Université de Montréal as the sole beneficiary of all of the estate;
  • specific bequests designating IRIC/Université de Montréal as the beneficiary of part of the estate;
  • residuary bequests which are made when some or all of the residue portion of he bequeathed assets are left to IRIC/Université de Montréal after your other beneficiaries have received their designated bequests and after payment of all debts, duties, taxes and expenses.

Gift-in-kind

A gift-in-kind is a donation of physical assets other than cash made out to IRIC/Université de Montréal. A gift-in-kind may include real estate, designated personal property (works of art, rare books, etc.) or securities. There are a number of policies to facilitate gift-in-kind donations, in particular as regards works of art, museological objects, rare books, manuscripts and archives. It may be a one-time gift of property or a gift with usufruct which means that you can transfer the ownership of a property and keep using it.

For more information:

Claude Bernard
Development Officer – IRIC
514 343-6141
claude.bernard.1@umontreal.ca

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