Donations of Insurance
Giving Back
Bernard and Frances StiIlwell have lived in Lethbridge for 47 years and counting. Their four children attended school and grew up in the community. Dr. Stillwell practiced medicine and the family participated as strong members of their church community. "We wanted to give back something to Lethbridge for all the benefits we have received living and working here all these years," said Bernard. "And we wanted to support our church, St. Augustine's Anglican Church."
The Lethbridge Community Foundation provided a method for the StilIwells to do both. Bernard StilIwell made the Foundation the owner and beneficiary of a life-insurance policy and has provided instructions about where the income from the policy will go after it is paid out.
"We really liked the fact that the capital stays with the Foundation and the interest continues to work rather than having the capital spent and then it is gone," said Frances. "That is the advantage of a gift that is on-going rather than simply providing the church with a lump sum." Bernard added, "Working with the Foundation means our donation increases in value through the years." The couple wanted to provide a gift with no strings attached. "The church can use the money for what is needed at that time rather than something that we think they need. I'm sure they would appreciate that more."
Search the LCF site
The Stillwells decided to work with the Foundation to fulfill their philanthropic desires because over the years they have become aware of its work and good reputation. "We know some of the people involved with the Foundation and have attended the Friends of the Foundation Dinner several times." In addition to supporting their community, the Stillwells also benefit frort contributing to the Foundation. "Arranging our gift this way provided us with significant tax benefits, both when we made the gift and annually, as we will receive an income tax receipt for the premium payment," explained Bernard. "And the policy does not go into our estate, which provides an additional savings."
Bernard and Frances Stillwell are pleased with the arrangements "We wanted to give back to our community and through the Lethbridge Community Foundation we have found a way."
From the LCF Report to the Community 2007
-2002---2.png)
-2002.png)
-2004---3.png)
-2005.png)
Updated September 2009
www.lethbridgecommunityfoundation.ca
403.328.5297 office@lethbridgecommunityfoundation.ca 404 8th St South
