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Retirement Benefits

While your estate remains responsible for satisfying the income tax liabilities of your retirement assets arising on your death, the proceeds may flow directly to Western, potentially protecting the gift from the claims of creditors and other estate beneficiaries.

Advantages of giving retirement benefits

  • Allows you to make a substantial gift in the future without diminishing your assets today. In other words, it costs nothing now, yet it may give you a great deal of satisfaction to know that your gift will live on.
  • Your estate will receive a valuable tax credit for your final tax return. The credit can be applied to up to 100 per cent of your net income in the year of death and the preceding year. This credit can save your estate a considerable amount of tax particularly if you have large holdings of appreciated listed securities and mutual funds.
  • As is the case with a gift through your will, you have the flexibility to change the beneficiary at any time, as circumstances dictate.
  • If the proceeds from your retirement funds are $25,000 or more, you may create a named, endowed fund that will support Western forever.

Tax benefits

Naming a charitable organization, such as Western, as beneficiary of your retirement plans would result in a charitable donation tax credit that may offset taxes owed and, since the funds would not pass through your estate, they would not be subject to probate and other estate costs.

Create your legacy

To ensure that your particular needs are met, you should consult your pertinent advisors. You should also contact the Bequests and Planned Gifts team to let us know about your intentions. Not only can we assist you in making sure things move along smoothly, we also need to discuss how you would like the eventual residual proceeds from your retirement benefits be put to use. It is also important for us to know whether you wish to be recognized for your contribution or prefer to remain anonymous.

Helpful Resources

Sample Bequest Language for your Will

Statement of Intent - We would love to know if you have already included Western in your estate plans.

Please contact our Legacy Giving team for more information: Jane Edwards (519-661-2111, ext. 88829 or jane.edwards@uwo.ca); or Mike O’Hagan (519 661-2111, ext. 85595 or mike.ohagan@uwo.ca).

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