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For Donors

Recognition
Amasa Wood Biography
A Gift in Will
A Gift of Life Insurance
A Gift of Securities
A Residual Interest Gift
A Charitable Remainder Trust Gift
A Gift of Real Property
A Gift Annuity

Recognition

Recognition for donors who have confirmed a future legacy gift to the St. Thomas Elgin General Hospital Foundation is provided through the Amasa Wood Legacy Society.

With permission, the names of Amasa Wood Legacy Society members are listed on the Gifts Over Time donor wall located in the hospital’s Atrium, and periodically published in Foundation materials. Donors can choose to remain anonymous and will be thanked privately instead.

Members of the Amasa Wood Legacy Society are invited to attend an annual event hosted by the Foundation where they have an opportunity to learn about the latest achievements in patient care at the St. Thomas Elgin General Hospital.

Amasa Wood Biography

Amasa Wood moved from the Brockville area to the Talbot Settlement with his family in 1816, where he was raised on a farm located approximately one mile east of Burwell’s Corners.

At the age of 12, Amasa began earning money to help support his family by delivering mail on horseback between London and Chatham for the Strowbridge Stage and Mail Line. An early introduction into merchandising followed with an opportunity to work at Colonel McQueen’s General Store. With his aptitude for business, Amasa became a successful merchant and trader in Fingal.

At the age of 26, Amasa married Elizabeth Fowler and raised a family. In 1850, he began a second career in securities and real estate which spanned the counties of Elgin, Kent, Norfolk, Middlesex, and Huron. During his lifetime, Amasa was reputed to be the wealthiest man in Elgin County and successful in life through his “shrewdness, business tact, industry, and vigour.” In his retirement in 1877, he moved from Fingal to St. Thomas.

In addition to his success in business, Amasa Wood was well known for his many acts of philanthropy and regarded as a “fountain of kindness.” His greatest charitable work, however, was considered to be St. Thomas’s first hospital, the Amasa Wood Hospital, which he founded and built as a gift to the citizens of St. Thomas in 1892.

A Gift in Will

A will bequest is the most basic and essential beginning to estate planning. A well prepared and regularly updated will can help make sure all reasonable provisions have been looked after so your loved ones are provided for.

Your bequest to the STEGH Foundation will help fund patient care needs for the future. In addition, it is a great way to reduce taxes and leave an enduring legacy at the same time.

Ways to Arrange a Bequest:

  • A specific dollar amount
  • A specific percentage (or share) of your estate or residual amount
  • A specific asset such as land, investments, or personal property
  • A trust which provides a gift arrangement

Benefits:

  • It designates who will be your executor
  • It allows you to make predetermined and responsible decisions about distributing your estate
  • It provides for the wellbeing of your loved ones
  • It appoints guardians for minor children
  • It makes provision for special remembrances
  • It allows you to give a gift to a charity that is important to you
  • It minimizes final taxes

Tax Advantages:

  • Donation limit – 100% of net income

Donor Profile:

  • Everyone, regardless of age or financial status
  • Anyone who needs to reduce estate taxes

The St. Thomas Elgin General Hospital Foundation recommends that you seek professional financial, legal, and estate planning advice to ensure the type and timing of your gift (including tax advantages) is right for you.

A Gift of Life Insurance

A gift of life insurance is another way to support patient care excellence at STEGH.

Ways to Arrange a Gift of Life Insurance:

  • Use an existing policy and designate the STEGH Foundation as the owner and beneficiary of that policy. This will allow you to receive an income tax receipt for the policy’s cash value. Also, if you are paying premiums, you will receive an income tax receipt each year equal to the premiums paid.
  • Acquire a new policy and change the ownership and beneficiary to the STEGH Foundation. You will receive an income tax receipt each year equal to the premiums paid.
  • Make the STEGH Foundation the beneficiary of a new or existing policy.

Benefits:

  • You will receive significant tax savings either today or for your estate
  • Your estate is not diminished for your heirs – life insurance by its very nature creates an additional and separate ‘estate’
  • Life insurance is not subject to probate costs and death benefits are usually paid promptly
  • You will have the satisfaction of making your gift and, if desired, being recognized while living
  • The privacy of your gift can be maintained since a life insurance policy is not part of your will

Donor Profile:

  • New policy – reasonably young and healthy individuals
  • Existing policy – older individuals who are debt free and their children are grown

A Gift of Securities

A gift of publicly traded securities made to the STEGH Foundation can generate greater tax savings for donors compared to a donation of cash following the sale of the same security.

The federal government has eliminated capital gains tax on appreciated listed securities when they are donated to charity. This results in a double tax benefit for donors. By transferring the security directly to the STEGH Foundation, donors can eliminate all capital gains tax on their gifts.

Gifts of Publicly Traded Securities Include:

  • Stocks
  • Bonds
  • Mutual funds
  • Other marketable securities

Benefits:

  • When you give a gift of securities, the STEGH Foundation benefits the same as if you had given cash since securities are converted to cash immediately

Donor Profile:

  • 30 years+, associated with hi-tech corporation with stock options and/or unrealized personal capital gains
  • Individuals needing to reduce tax rates
  • Recipients of stocks from demutualization

A Residual Interest Gift

A residual interest gift is an irrevocable gift of an asset (real estate or art) that you can make now to benefit the STEGH Foundation and have the freedom to continue to enjoy the use of the asset for the remainder of your life.

You will receive an immediate income tax receipt for the appraised market value of the donated asset. A residual interest gift is a wonderful way to support the ongoing work of the STEGH Foundation by ensuring quality healthcare is available to you and others in our community.

Benefits:

  • Allows you to make a larger gift than might otherwise have been possible
  • Tax savings – an income tax receipt will be issued for the present value
  • Does not impact your lifestyle – you retain usage of the asset
  • Reduces probate and other estate costs
  • Gives you the satisfaction of making a gift and, if desired, being recognized while living
  • The privacy of your gift can be maintained, since it is not part of your will

A Charitable Remainder Trust Gift

A charitable remainder trust is an irrevocable planned gift a donor makes by transferring cash or other assets (property) to a trustee who then holds and manages it.

If the asset is income producing, the net income will be paid to the donor for the remainder of his or her life or for a specific term. Upon the death of a donor, the trust will distribute an amount to the STEGH Foundation.

A charitable remainder trust is a wonderful way to support the ongoing work of the STEGH Foundation by ensuring quality healthcare is available to you and others in our community.

Benefits:

  • Allows you to make a larger gift than might otherwise have been possible
  • Tax savings – an income tax receipt will be issued for the present value of the gift
  • Provides a lifetime income
  • Reduces probate and other estate costs
  • Reduces or eliminates capital gains
  • The satisfaction of making your gift and, if desired, being recognized while living
  • Privacy of your gift can be maintained, since it is not part of your will

Donor Profile:

  • For a person 70+
  • For a person who needs to obtain present tax relief but preserve investment income
  • For a person who desires to lower estate probate and executor fees

A Gift of Real Property

A gift of real property is an immediate gift of land, buildings, art/collectibles, etc.

Benefits:

  • The donor receives a tax receipt for the present market value

Donor Profile:

  • A person no longer in need of property

A Gift Annuity

A gift annuity is an irrevocable gift from capital. This type of gift may appeal to donors who wish to make a gift but require income from their capital for the remainder of their life. A gift annuity provides you with an income for life and the STEGH Foundation with an immediate gift.

A Gift Annuity:

  • Is attractive when you consider a portion of all the income will be tax free, depending on your age at the time you arrange your gift
  • Provides the donor with a fixed rate of return which varies depending upon the donor’s age, and STEGH receives a gift from the excess of the purchase price of the annuity
  • An income tax receipt is issued which reduces the donor’s income tax liability and the annuity payment to the donor provides a tax-effective form of retirement income
  • Some portion of the income received will be considered a return of capital, which is not subject to tax

Benefits:

  • It increases your current after-tax cash flow
  • It provides the security of a fixed income for life that you will never outlive
  • It allows you to make a larger gift than might otherwise have been possible
  • There are no investment worries with these funds
  • All or most of your income is tax free
  • It allows the satisfaction of making a gift and, if desired, being recognized while living
  • The privacy of your gift can be maintained since it is not part of your will

Donor Profile:

  • Persons 65 or older who want the security of guaranteed payments