The Estate Donation Loop
It is one year after the new estate donation rules were introduced and the practical implementations are beginning to emerge. With the post-2016 rules, a twist arises when the residue of the estate is split between charity and individual beneficiaries. This scenario creates a gift that keeps giving.
Robert and Signe McMichael’s Complicated Legacy
Robert and Signe McMichael, the namesake of the McMichael Canadian Art Collection, were savvy art collectors who made some painful philanthropic and estate planning mistakes.
Intrinsic v. Extrinsic Giving
There is a fundraising truism that says you don’t get money unless you ask for it. But estate planning professional know that’s not always true.
Estate Donations to Government
The title of this blog may provoke laughter, or perhaps, just head-shaking disbelief. But estate donations to various levels of government do happen. The trick is to ensure that the donor’s intentions are carried out.
Wine and Estates Revisited
When I last wrote about wine and estates it was 2019. A distant epoch. The Canadian situation has changed dramatically since then. Not only have I been drinking more and better wine (I’m not alone), but the secondary wine market has changed. It’s more liquid, if you will. This is helpful to wine collectors and executors.
Life Insurance Gifts Restructured
Life insurance is an effective way to make a significant future donation, but the unfortunate reality is that charitable policies have a high lapse rate. Thousands of policies have been donated since 1979 when the Canada Revenue Agency allowed premiums to be receipted. Sadly too few pay out to fund charitable programs.
Is it a Gift by Will?
Recently a charity contacted me about a long-time supporter who had just died. The late donor intended to make a bequest of valuable artwork, but the gift was not mentioned in her will. The family and executor were willing to donate the art on the condition that the charity provides a receipt to the estate. Should the charity do it?
Estate Donations for Charities not yet Registered
The 2018 Federal Budget hinted that Canadian newspapers may be able to receive charitable status in the future. As I’ve previously written, making non-profit and local journalism an eligible charitable purpose is a timely idea — and it has implications for donor planning their estates. The Federal Budget got me thinking of a charitable planning conundrum: donors who wish to support a cause that is not yet charitable at law and therefore not yet advanced by a registered charity.