Name that Charity!
“Name That Charity” sounds like a failed 1960s game show. Instead, it is an approach to estate planning that paradoxically may discourage charitable giving.
Illiquid Assets and Estate Donations
Tax relief for an estate donation cannot be claimed until the property is transferred to a charity. No tax receipt; no tax credits. If the distribution is after 60 months after death of the donor there is no tax receipt at all. But what if the estate has illiquid assets that can’t easily be monetized, but may, possibly, be transferred in-kind to a charity?
Estate Donations, Time and Flexibility
Last week I visited Princess Margaret Cancer Centre in Toronto for a grant status update meeting with a family foundation. I used to work at the Princess Margaret Cancer Foundation, but left 20 years ago. Returning after two decades provided me perspective on two key charitable estate planning considerations: time and flexibility.