Supplemental to Inside Bruce House issue #18

Bruce House – Planned Giving
Through your generous donations, Bruce House has been able to offer a well needed service to our community and we sincerely thank you. Should you wish to leave a legacy life insurance may be a viable option.

Life insurance is a long-term approach to funding Bruce House. What this means is that your contributions towards a life insurance gift will not affect Bruce House today but has the potential to pay-off huge dividends in the future. Due to the time frame and the compounding value of money, your contribution can be significantly larger than you may have ever expected.

By leaving a legacy you have the satisfaction of knowing that you are helping Bruce House even after you are gone.

I Already Have Life Insurance
You may choose to designate Bruce House as a beneficiary of an existing policy or you could transfer the ownership of an existing policy to Bruce House. There are taxable benefits to you in both cases.

I Would Like to Acquire some Life Insurance
It's simple to fund a life insurance policy with Bruce House as the beneficiary. The policy may be owned by you or by Bruce House.

How Does it Work?
Should you own life insurance, upon death, Bruce House would receive the life insurance benefit and your estate may use this benefit to decrease the net income on your final tax bill.

If Bruce House owns the life insurance, you will receive a charitable donation receipt for the life insurance premiums that you pay. In the event that you transfer an existing policy to Bruce House you would receive a tax receipt for the cash value in the current policy and for future premium payments on the life insurance.

These options can easily integrate your gift into your overall financial, tax and estate planning objectives. Making a gift using one of these plans can maximize benefits to both you and Bruce House.

Where Can I Get More Information?
Speak with your financial planner to determine the best way to make a planned gift taking into consideration your current taxes, estate taxes and which type of life insurance would be best for you. Or call Bruce House at 729-0911 Ext 23.

The above information was provided to Bruce House by Paul Harris, Freedom 55 Financial, a Division of London Life