The Road Ahead: Creating Your Legacy at Branksome Hall (January 2019)

ROAD AHEAD

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January 2019

Creating your legacy for the future of Branksome Hall INSIDE • Should I? We Hope You Will!

• Edith Louie: Teacher Extraordinaire • Plans, Funds and Gifts for Branksome • Showing Our Appreciation: The 10 Elm Society • Plan Your Will With Everyone in Mind

Should I?

We Hope You Will!

Many people believe that their estate is too small to bother having a will or that whatever they have will be needed by their spouse or family. Such thinking is common, but it can prove to be problematic. Most of us have far more in accumulated resources than we realize and, without a will, survivors can face uncertainty, delays, and anxiety in settling your estate.

Experience has shown that creating a will is a wise personal investment of time and energy. Having a will ensures that your wishes are carried out and spares your survivors additional trouble at an already difficult time. In fact, a properly prepared will can actually preserve more of your estate’s assets to pass in turn on to your heirs. Sound surprising?

Here are some suggestions from experts in estate planning that can help you preserve your assets: • If you have RRSPs and RRIFs, leave them directly to a spouse. This allows them to be moved, tax-free, into your survivor’s own RRSP or RRIF. If either fund goes into the estate, it is deemed to be income in the year of death and so is taxed accordingly — often heavily.

• Should you have an annuity that is not directed to a charity, leave the entire amount to a spouse. Your surviving partner pays tax only on future annuity payments he or she receives. It is advisable not to divide an annuity between two or more people, because its cash value goes into your estate and will therefore be included as taxable income.

• Put assets into joint ownership. Assets jointly owned go directly to the other owner(s) and so

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are not considered part of your estate. This can simplify an estate’s administration and will also reduce probate fees.

• Review and update your will regularly. This allows you to keep up with new family situations and any changes in tax rules that occur. It also ensures that your will continues to work to you and your family’s best advantage.

Of course there is another good way you can minimize taxes on your estate — leave a legacy gift to Branksome Hall. Your professional advisors can help you determine the gift amount that is an appropriate reflection of the legacy you wish to leave and can work to your best advantage. In doing so, you may leave more money in your estate for your heirs while ensuring that Branksome remains a stimulating, vibrant, and enjoyable place for girls to develop and grow into the leaders of tomorrow.

If a legacy gift is right for you and you would like to discuss opportunities, please contact Jason Balaban, Associate Director of Development, at jbalaban@branksome.on.ca or (416) 920-6265, ext. 165. He would be pleased to assist you.

What is “Net Worth?”

Net worth is a measure of your financial position at a given time — the approximate value of all your assets less any debts owed. Knowing your net worth can be helpful in: • Financial planning: Awareness of your net worth is an essential component of all serious financial planning and investment decisions.

• Estate planning: Knowing your worth enables better decisions on how to divide your estate between individuals you love and the organizations you respect, like Branksome Hall.

Your professional advisors can help you plan wisely for your future. Everyone who leaves a legacy gift to Branksome, regardless of amount, helps ensure each of our students receives the best in girls’ education and that our school’s vision and opportunities can be fulfilled. And that is a powerful thing to do!

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Teacher

Edith LOUIE

Extraordinaire

“I love Branksome. It’s such a privilege to be teaching here.” When you meet Edith Louie, you know without a doubt she means exactly what she says.

A graduate of both McGill University and the University of Toronto, Edith began teaching mathematics at Branksome Hall in September 1998.

She immediately felt at home in the independent school environment and today considers the people at Branksome to be her extended family. Edith has taught all grades from 9 through 12 and is now the school’s Instructional Leader for Mathematics.

Edith thoroughly enjoys teaching and interacting with her students. She particularly values meeting the alums who often return to Branksome. As she states: “It is such a pleasure to see how our students have evolved into responsible women and to hear how they are changing the world.” With dedicated teachers like Edith, it should be no surprise that former students have done so well. With all the satisfying and fulfilling years Edith has had at Branksome, it should also be no surprise that she has remembered the school by leaving a gift in her will.

When asked what prompted her to leave a legacy gift to Branksome, Edith is clear: “I wanted to give back.” She had taught elsewhere, but it was Branksome Hall that gave her so many opportunities to grow into the teacher she is today. The school’s leadership has encouraged her efforts to develop as a teaching professional, whether it meant leading her students in community service endeavours or helping with the student show Infusion. Branksome also supported her involvement in the Independent Schools of Ontario Mathematics Association.

Edith considers Principal Karen Jurjevich a visionary leader who has repeatedly inspired her.

And as Edith so readily says, “I am grateful!”

When it was time for her to update her will, remembering Branksome Hall with a legacy was

simply the natural thing to do. She has been giving to the school annually but wanted to do more and, in doing so, say thank you. She also wanted both future students and teachers to have the same opportunities to experience the highly supportive and integrated community that is Branksome.

Edith has left her future gift undesignated. “I have experienced so much change in my own teaching career,” says Edith, “who knows what the future will bring? I am confident the school will use my gift wisely wherever it may be needed.” Just as Edith is grateful to Branksome Hall, so too is Branksome Hall grateful to Edith!

Today, Edith has an enjoyable life. She and her husband live in Leaside and together they enjoy travel, theatre, concerts and all types of sporting events. Having such meaningful and fulfilling experiences as a teacher at Branksome has made her good life even better.

Won’t you join Edith Louie and remember Branksome Hall with a gift in your own estate plans? In doing so, you will join a special group of donors in the 10 Elm Society who, whether publicly or anonymously, have left a legacy gift to the school.

You may direct your gift to a specific purpose or, like Edith, leave it undesignated, to be used where the need is greatest. Branksome’s Advancement staff would be happy to help you to explore ideas and opportunities.

Thank you Edith for your enthusiasm, your dedication and for your loyal and generous support of Branksome. Your future legacy gift will make a difference.

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Plans, Funds and Gifts for Branksome RRSPs or RRIFs can be used to create a gift for Branksome Hall and the financial savings for your estate could be significant. Here’s why: When a person dies, the total value of the funds in their registered retirement account must be reported as income. This income is fully taxable to their estate unless funds in the registered account can be rolled over to a surviving spouse or a dependent child. However, if a charity like Branksome Hall is made beneficiary, the gift remains outside the estate, thereby reducing probate fees while creating a gift that will provide a tax receipt for the estate.

This receipt can be used to offset other taxes that may be incurred. It’s a win-win.

Check with your financial advisors. Gifts of RRSPs and RRIFs may be just right for you. We would be happy to help you, as well. If you have already left any type of legacy gift to Branksome, please let us know.

Dream about what you would like your legacy to be here at Branksome Hall and let us help you make that dream a reality.

Thank you for your support. Together, we can help shape the future of our girls’ education for years to come.

A WORD ABOUT EXECUTORS Your executor (or estate trustee) ensures your assets are distributed as you wish. You need a methodical, trustworthy person who is willing to take on the task and who appreciates what is important to you. If your estate is fairly simple, you might choose a family member, with an alternate named should your chosen executor be unable to serve. A more complicated estate might require several executors, each responsible for a specific part of the estate.

Because of the complexities of estates today, it might also be wise to consider a corporate trustee such as a bank or a trust company to act on your behalf. Executors can charge for their services, if they wish, but all are expected to make business decisions in the best interest of your estate.

Finally, it’s to your advantage to arrange your will and other personal papers so that your executor can easily find them, clearly ascertain your assets and debts, and notify your beneficiaries.

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Showing Our Appreciation:

10 Elm Society Members Attend Inaugural Decades Luncheon

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We’re all independent women, and Branksome had a lot to do with that.

~ Charlotte EMPRINGHAM’63

Alumnae catching up at Branksome’s inaugural Decades Luncheon.

Branksome Hall was pleased to host 10 Elm Society members, alumnae and their guests at its inaugural Decades Luncheon on June 1, 2018.

The 10 Elm Society includes those who have let Branksome know that they have remembered the school with a future legacy gift.

This special recognition event officially launched the 2018 Reunion Weekend celebrations. In addition to honouring 10 Elm Society members, the luncheon also served

as an opportunity for alums from the 1940s to the ’70s to reconnect with one another and with Branksome as it is today.

Guests were greeted at Branksome’s historic porte cochère by Junior School student-musicians performing on recorders. They then attended a spirited reception in the Weston Drawing Room. This was followed by the event’s main attraction: an outdoor lunch, catered by Emma BEQAJ’06 of Emma’s Eatery, held in a large tent outside 10 Elm Avenue.

After enjoying their meal and listening to words of welcome from Principal Karen Jurjevich and Past President of the Alumnae Association, Tenley GIBSON’99, guests were then treated to studentled campus tours.

“Thank you for providing such lovely weather and such a lovely lunch,” said 10 Elm Society member Charlotte EMPRINGHAM’63 from the podium on the beautiful spring day.

Her decision to include Branksome in her estate plans stems from her family’s long history with the school.

“My mother, my two sisters and I, and my niece all attended Branksome.

It’s been a wonderful place for all of us,” she said. “We’re all independent women, and Branksome had a lot to do with that.”

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Plan Your Will With Everyone in Mind Family situations differ. Because of this, when you make a will it is important to take the specific circumstances of your heirs into account. Leaving lump sums may be practical but it’s not always wise.

This would happen if the surviving spouse: • does not have a valid will, in which case all the property would go to his or her next of kin; • remarries and transfers the property to the new spouse; or • makes a new will leaving assets to people and causes of his or her choice.

One example is the challenge of providing for children from a previous marriage. How do you ensure your current spouse is cared for but see that children from an earlier marriage benefit as well?

One solution is to create a spousal trust.

A spousal trust, however, will pay all of the income from the trust property to your current spouse. When your spouse no longer needs the income, the principal of the trust can then be distributed. This arrangement preserves the capital of your estate and ensures that everyone is taken care of.

If you leave your property to your current spouse outright or place it in joint ownership with the right of survivorship, you could unintentionally disinherit your children.

This is just one example of why carefully thinking through how your estate is distributed will make the distribution of your assets easier and benefit all concerned.

Let’s plan for the road ahead!

Contact Jason Balaban, Associate Director of Development jbalaban@branksome.on.ca | 416-920-6265, ext. 165 www.branksome.on.ca

Toronto’s only all-girls, all-years, IB World School.

Toronto’s only all-girls, all-years, IB World School.

Charitable Registration Numbers: Branksome Hall: 11881 6826 RR0001 Branksome Hall Foundation: 85174 1744 RR0001 The information and opinions contained in this newsletter are obtained from various sources believed to be reliable, but their accuracy cannot be guaranteed.

Branksome Hall and its employees and agents assume no responsibility for errors or omissions or for damages arising from the use of the published information and opinions. Readers are cautioned to consult their own professional advisors to determine the applicability of information and opinions in this newsletter in any particular circumstances. This newsletter is under copyright; its reproduction in whole or in part without the written permission of the copyright owner is forbidden.