Legacy Planning

Put a stamp on the future, and make a contribution to future generations. Here's how to leave a legacy.

BequestsReal EstateGifting A LegacyLife InsuranceSecuritiesNon-Monetary Gifts

Bequests

Bequests through your will are a convenient means to make a substantial contribution to Olds College that may not otherwise have been possible during your lifetime. They offer the opportunity to designate to your area of specific interest, such as scholarships or bursaries, prizes, program development/enhancement, a variety of capital projects, or alternatively to designate your gift to an area of greatest need as determined by the Board of Governors.

The funds may be utilized immediately or held in a permanent fund (endowment). If endowed; any additional interest is re-invested with the capital sum to ensure your gift continues to give for many years to come.

There are several types of bequests:

  1. Specific bequest: is in which the donor gives a specific dollar amount or a specific piece of property, such as real estate, stocks, bonds or works of art.

  2. Residual bequest: is used to give Olds College all or a portion of your estate after all the debts, taxes, expenses and other specific bequests have been paid.

  3. Contingent bequest: takes effect only if the primary intention cannot be met (e.g. if the primary beneficiary does not survive the donor). This ensures that the property will pass to Olds College rather than to unintended beneficiaries.


Benefits of donating by bequest:

  • A Bequest by Will allows you to make a substantial gift, fulfilling your philanthropic objectives.
  • Your will speaks "from the date of death", you retain control of your capital during your lifetime and can make changes in your will at any time.
  • Save your family the tax burden. Bequests to Olds College are eligible for tax receipts. Contact us for full details.
  • By revealing that you have included Olds College in your will, we will be able to thank you now. The College will absolutely respect all requests for anonymity.

Real Estate

Gifts of real estate

A gift of Real Estate may be an attractive way to make a gift to Olds College and realize tax benefits at the same time. For a select group of donors a gift of real estate may also simplify their estate and lessen management worries. You may also be able to significantly reduce the amount of income and capital gains taxes that you pay. Real Estate gifts to consider include:

  • vacation homes
  • farm or ranch
  • commercial property
  • undeveloped or unimproved land
  • building lots
  • and personal residences.

Gifts of tangible property

Tangible property includes such items as buildings, machinery and equipment, timber and other growing crops, mineral resources, merchandise, furniture, art work, jewelry, books, coins, and stamp collections.

Olds College Advancement will be happy to discuss your proposed gift help you locate a qualified appraiser, provide appropriate tax documentation, and advise you on methods of packing and shipping your gift if it is inconvenient for you to deliver it personally.


Gifting a Legacy

A planned gift can help you achieve your philanthropic, financial, and tax goals. Your gift can be directed to a department, school, or scholarships and bursaries. Planned giving is a wonderful way to leave a lasting legacy.

There are many opportunities and directions in planned giving such as, bequests, life insurance, real estate, securities, and endowments.


Life Insurance

When you donate your life insurance to Olds College, you are leaving a legacy that will benefit the students of Olds College for years to come.

Benefits of donating life insurance policy:

  • With only a small amount of money for premiums, an individual can provide for a large gift to Olds College. If Olds College is the owner/beneficiary of a policy, the insurance proceeds at death are not included in your estate - and your estate saves on fees. If Olds College is the beneficiary, the donor's estate receives tax relief for the value of the insurance proceeds donated.

Ways to gift life insurance to Olds College:

  1. Transfer ownership of an existing policy: If you have a life insurance policy that exceeds your current requirements a future gift can be made to Olds College by simply making Olds College both the owner and the beneficiary of the policy. You will be entitled to a charitable donation receipt for its cash surrender value as well as any premiums paid after ownership is assigned to Olds College.

  2. Purchase a new policy naming Olds College as owner: You may establish a new life insurance policy and transfer ownership to Olds College. You will receive a tax receipt for all premiums paid after ownership has been transferred to Olds College. Generally, these policies become self-supporting (premium offset) after a pre-determined number of years, and no further premium payments are necessary.

  3. Name Olds College as primary beneficiary, co-beneficiary, contingent beneficiary: You can make Olds College the beneficiary of an existing policy while retaining ownership. This may be an option for you if you wish to make a charitable gift but want to retain access to the cash value of the policy, or be able to change the beneficiary if circumstances change. No tax receipt will be issued for annual premiums, as the gift is revocable. However, the estate will be receipted when the gift is received by Olds College.

Securities

Stock, bonds & mutual funds

Giving shares of appreciated stock, bonds, mutual funds, and other securities can be an excellent way to make a gift to Olds College. Securities gifts are appropriate for:

  • Annual Fund contributions
  • Capital gifts (supporting projects such as the Werklund Agriculture Institute)
  • Endowment gifts (supporting student awards and/or program development)

Benefits of donating shares

  • Shares are easily handled and transferred to Olds College
  • Immediate Tax Receipt
  • Avoids probate and other estate costs if given prior to death of donor
  • Gifts of publicly-traded securities are eligible for a tax receipt for the fair market value of the gift.
  • Securities directly transferred to Olds College are subject to a lower capital gains tax than proceeds of securities given to Olds College

Transfer of securities

You can simplify the paperwork by instructing your broker to transfer securities from your account to the College's brokerage account.

Presentation of certificate

You may deliver the certificate(s) without any endorsement or signature to our office. A letter indicating how you would like the proceeds directed will ensure that we are able to reflect your values.

Endowments

Creating an endowment is making a gift that can continue to give forever. With a minimum $10,000 gift, the funds are invested, the principal remains intact and a portion of the interest is distributed to enrich:

  • Students through scholarships, bursaries and prizes
  • Academic programs

Benefits of creating an endowment

  • A lasting legacy of support for quality education in central Alberta
  • An endowment is a one-time investment that continues to give for years to come
  • Everlasting impact on the students of Olds College

The College will invest your generous gift and distribute a pre-determined portion of the annual interest to areas most in need or to those specified by you, the donor. Your gift will benefit students, industry and the community for years to come.

Non-monetary gifts

For over 100 years, Olds College has been providing a hands on learning environment. Within this learning model we are always interested in non monetary gifts that can enhance the research and learning experience for our students. Non Monetary gifts are eligible for the same tax donations that financial gifts are.