As you approach retirement, you may be considering using life insurance to protect the value of your estate. After all, without a plan in place, your estate and heirs could be burdened with capital gains tax, probate fees and other estate charges. But you may also wish to leave another legacy: a generous gift to a qualified, registered charity.

With the Bequest Strategy, you can do both. Working with our advisors, you can set up a universal life policy with a charity as beneficiary.

Upon death, your estate is taxed on any capital gains plus income tax. This, plus other estate charges, may take a large bite out of the estate you intended for your heirs. However, with the Bequest Strategy, upon death, your estate receives a donation receipt for the amount of the life insurance benefit that can be used to reduce taxable income. This receipt generates a tax credit -- the value of which reduces, or eliminates, tax due by your estate. This strategy can preserve the value of your estate and make your charitable gift more substantial. As a direct result, you leave behind twin legacies: a significant gift for your charity, and the preservation of your estate for your heirs.