Wills & Bequests
Did You Know?
Luther students, even though from diverse social and cultural backgrounds, have the opportunity to be part of tightly woven community of students, parents, alumni, teachers and staff. Typically 12% of the school’s student body originates from outside of Canada.
The International Baccalaureate provides an enriched curriculum that both covers and extends beyond regular Saskatchewan curricula in its depth and detail. It emphasizes the development of the necessary critical skills that university-bound students need to master: reflecting, inquiring, thinking, analyzing and evaluating.
Luther College High School is recognized as one of the four best university preparatory schools in western Canada with as many as 96% of Luther graduates pursuing post-secondary educations.
Did you know there is a 3rd floor to the boy's dorm? It was traditionally assigned to upper level students who were more mature & responsible. Students who lived up there in the 1940’s confessed, in hushed tones, to having a radio when those devices were against school policy.
The first LIT was held on January 31, 1953. That year it was a one-day tournament involving sixteen teams from Southern Saskatchewan. All preliminary games were played cross court, two games at a time.
When the College was first looking to relocate from Melville to Regina, it considered land at College & Winnipeg, College & Broad, and 23rd & Albert, finally settling on 18 acres of land on the west end of property owned by Government House, now called Royal Street.
Do you know someone in Kindergarten to Grade 8 that would like to be part of the Luther Family? Encourage them to join the Future Luther Student program!
The gym officially opened July 8, 1951. The Sunday afternoon celebration, attended by 1,500 people, featured speeches followed by an evening celebration with another 1,500 people in attendance to hear the Luther Choir and the RCMP Band.
Wills & Bequests
Often individuals would like to make a gift to Luther College, but are concerned that a cash gift now will leave them short of future income. A bequest is often the best option for making a significant gift without decreasing your present income and it can significantly reduce the tax paid by your estate.
A charitable bequest is simply a distribution from your estate to Luther College through your last will and testament. A bequest may include cash, appreciated stocks or securities, real estate or personal property. Some of the most tax-efficient asset types to give through your will come from appreciated stocks or securities, RRSPs, and RRIFs.
A bequest is often referred to as "the ultimate gift" because it is a reflection of the beliefs and values you espouse during your lifetime.
Why donate through your Will?
- Reduced taxes – Luther College will issue an official receipt for the value of the bequest. This receipt can then be used to reduce the tax payable on your final return.
- Flexible & revocable – A bequest can be made for any amount and is revocable at any time should your financial situation change.
- Leave a lasting legacy – Bequests may allow you to make a larger gift than otherwise possible. Your charitable gift will make a real difference to students, leaving a lasting legacy for you, your family or anyone you wish to honour.
How it works
- A bequest can be as simple as a sentence or two naming Luther College, Regina in your Will or adding a codicil to your existing Will.
- You can designate a specific dollar amount, a particular asset or a fixed percentage of your estate to Luther. You can also request that the principal of your charitable bequest be held in an endowment.
- The designated amount will be donated to Luther’s most urgent needs or you can direct your bequest towards a particular purpose or program.
We strongly recommend you consult your own lawyer or other professional advisor about the applicability to your situation.
What you need to know
Here is some information that may be helpful:
- Legal name is Luther College, Regina
- Charitable registration number is 10765 0061 RR0001
- Mailing address is 1500 Royal Street, Regina, Saskatchewan, Canada, S4T 5A5
- Suggested wording for a residual gift: "To pay Luther College Regina the residue (or share of the residue) of my estate for such use and purpose as the Board of Regents may determine in their absolute discretion."
- Suggested wording for a specific gift: "To pay Luther College Regina the sum of $___ for such use and purpose as the Board of Regents may determine in their absolute discretion."
Types of bequests
There are a few types of charitable bequests, for example:
- A specific bequest is a gift of a sum of money (a specific dollar amount) or particular property (such as securities).
- A residual bequest is a gift of a portion of your estate once all expenses, debts, taxes have been paid out.
- A contingent bequest is a gift that takes effect only if the original beneficiary of the gift does not survive you.
The following are examples of suggested will clauses:
- Undesignated/unrestricted bequest:
...for such purposes as the Board of Regents of Luther College, Regina shall determine.
- Undesignated/unrestricted endowed bequest:
... to be held as part of the College’s endowment funds and used for such purposes as the Board of Regents of Luther College, Regina shall determine.
- Specific purpose bequest:
... to be used for the purpose(s) of [here you should identify the particular program or function that you wish to support by clearly articulating the overall intent and/or direction.] The description of the purpose of the gift should be written as broadly as possible to ensure the gift can be accepted and used as intended by the donor. Please contact the Development Office to confirm details for the program or area you wish to support, for example, the existence of a specific program or the proper name of a project.
- Specific purpose endowed bequest:
... to be held as part of the College's endowment funds and to be used for the purpose(s) of [here you should identify the particular program or function that you wish to support by clearly articulating the overall intent and/or direction.]
Power to Vary Clause
After any of the above, the following clause should be included:
In the event that circumstances make the specified use or administration of this gift no longer practical or desirable, the Board of Regents of Luther College, Regina is hereby authorized to make changes in the use or administration of this gift to maintain, as much as is reasonably possible, its spirit and general intent.
The Power to Vary Clause serves to protect your intentions by ensuring that if there are changes to the program or area you have chosen to support, the gift will still be administered in keeping with your wishes.
If do decide to leave a bequest to Luther College in your will, we encourage you to let us know. If you are comfortable doing so, you could provide us with a copy of your will or the relevant pages pertaining to your bequest. By sharing your plans with us, you help us plan for our future work and make it possible for us to recognize you for your generosity today.
With your permission, we will recognize your gift through membership in the Visionaries Fellowship, a group of alumni and friends who have generously remembered Luther College in their estate plans. You can choose if or how you would like to be recognized, in your lifetime, or if you prefer, only for your Estate to be recognized in our Annual Report. As a member of the Visionaries Fellowship, you may receive news from us from time to time on what’s happening here and opportunities to celebrate with other Visionaries.
Note: The information provided here is of a general nature and should not be taken as a substitute for professional advice. We urge you to consult with your advisors to ensure that a particular option is right for your financial and estate planning situation.
If you have chosen to include Luther College your Will, please let us know. We would love the opportunity to thank you. And we want to ensure that you receive the special benefits of our Visionaries Fellowship.
For further information, please contact:
Chief Development Officer
Charitable Registration Number: 10765 0061 RR0001