Making a charitable gift through a bequest in your will means that you are arranging a gift now to take effect after you die. Your current cash flow is not affected and you continue to have complete control over all of your assets during your lifetime.
Your will is a statement of your values and reflects those things that are important in your life. In addition to family and friends many people wish to remember those organizations whose work most closely reflects their values. A charitable bequest simply is a clause in your will directing your executor to pay a portion of your assets to a named charity.
You can arrange bequests for specific items or property, or for a specific amount. Alternately, you can arrange a bequest of a percentage of the residue of your estate. The residue is what remains after all expenses and specific bequests are paid.
A charitable bequest provides a tax credit that your executor may use on your final two annual tax returns for up to 100% of your annual net income. With careful planning it may be possible to eliminate all taxes payable on death.
To ensure your wishes are legally binding you should consult a lawyer. Our gift planning team is available to assist you and your lawyer with advice and sample bequest wording to ensure your bequest meets your needs and is useful for medical research.
Legal information Society of Nova Scotia
www.legalinfo.org
Public Legal Education and Information Service of New Brunswick
www.legal-info-legale.nb.ca
Community Legal Information Association of PEI.
www.isn.net/cliapei
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