Create a Lasting Legacy
Established in 2020, the Legacy Club recognizes individuals who have informed The Thunder Bay Historical Museum Society that they have included the Society in their will or other estate plans.
Legacy Club members share a commitment to preserving and interpreting the history of Thunder Bay and Northwestern Ontario for future generations. Membership is voluntary and confidential. You do not need to disclose the value of your intended gift or provide a copy of your will or beneficiary designation.
Members may choose to receive Museum updates, advance notice of selected programmes and invitations to occasional stewardship events. Public recognition is always optional and requires the member’s express consent.
Explore Your Legacy-Giving Options
A Gift in Your Will
You may name The Thunder Bay Historical Museum Society as a beneficiary in your will. Your gift may be a fixed amount, a specific asset, a percentage of your estate or all or part of the residue of your estate.
If you are considering a restricted, named or endowed gift, please contact the Society before finalizing your will. This allows us to confirm that the proposed purpose is charitable, practical and capable of being administered over time.
Gifts of Life Insurance
You may name The Thunder Bay Historical Museum Society as a beneficiary of a life-insurance policy while retaining ownership of the policy. No official donation receipt is issued during your lifetime for the beneficiary designation alone. When the Society receives the policy proceeds following your death, it may issue an official donation receipt to your estate for the eligible amount received.
Transferring ownership of an existing policy to the Society is a different type of gift and requires prior review and acceptance. The value of the policy and the receipting of subsequent premium payments are determined under Canada Revenue Agency requirements.
Gifts of Life Gifts of RRSPs/RRIFs
You may designate The Thunder Bay Historical Museum Society as a beneficiary of all or part of an RRSP, RRIF or TFSA. When the proceeds are transferred to the Society, it may issue an official donation receipt to your estate for the eligible amount received.
The resulting charitable donation tax credit may reduce income tax arising on death, depending on the circumstances of your estate. Your legal, financial and tax advisers can help determine how a beneficiary designation would affect your estate plan.
Disclaimer: This information is general in nature and is not legal, tax, financial, estate-planning or insurance advice. Please consult your own qualified professional advisers before making or changing a planned gift.
What Will My Legacy Be?
- Consult your independent legal, financial, tax and insurance advisers to determine which giving option best supports your personal, family, financial and philanthropic objectives.
- Consider discussing your intentions with your family, executor and others responsible for administering your estate.
- Contact the Society before establishing a restricted, named or endowed gift so that the proposed terms can be reviewed.
- Use the Society’s full legal name and charitable registration number (# 119259042RR0001) in your will or beneficiary designation.
- Let us know about your plans if you would like to join the Legacy Club. You are not required to disclose the value of your intended gift or provide a copy of your estate-planning documents.
- Review your will and beneficiary designations periodically and advise the Society if your intentions or recognition preferences change.
Your Intentions Remain Your Own
Informing the Society about an intended legacy gift does not create a legally binding commitment. You may change or revoke your plans at any time. A planned-gift intention is not treated as a received donation, does not result in an official donation receipt and will be kept confidential.
The Society will not publicly recognize your Legacy Club membership without your express consent.
“As changes in our society become more rapid the need to be able to trace the paths that got us to where we are now will become even more important. The Historical Museum is our history bank. It will continue to provide the answers to those who come after us as to how our community grew, achieved and evolved.
These valuable benchmarks are vital for future generations. All over the world people question as to how they got to where they are, the Legacy Club will be key to ensuring our history is well-documented for all to know. This is our bank of community history knowledge and pride.”
Ken Boshcoff, Legacy Club Member
Sample Will Clauses
Charitable Registration # 119259042RR0001
Request More Details About Legacy Club
Important Information
The information on this page is general in nature and is not legal, tax, financial, estate-planning or insurance advice. The tax treatment of a charitable gift depends on the donor’s circumstances and the laws and Canada Revenue Agency requirements in effect when the gift is completed.
The Thunder Bay Historical Museum Society does not provide professional advice or prepare or witness wills, beneficiary designations or other estate-planning documents. Donors are encouraged to consult their own independent qualified advisers.
All gifts are subject to the Society’s gift-acceptance requirements and applicable policies. No official donation receipt will be issued until the Society has received the gift and confirmed the eligible amount and proper receipting party.
