Charitable Giving

Total 81 Posts

You can’t wear two pairs of shoes at a time

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This Blog was written by: Robert Boyd To anyone who may have a pang of guilt when approaching the counter at an airport duty free with a bottle under each arm, there was no need, you were indirectly contributing to global education and medical research. Chuck Feeney grew up in very modest circumstances in New Jersey in the 1930’s and went on to pioneer the concept of duty free. As….

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Charitable Giving, Philanthropy/Charitable Giving, Uncategorized

CHARITABLE GIFTS AND GRADUATED RATE ESTATE DESIGNATIONS: CAN YOU GIFT BEFORE YOU DESIGNATE

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Assume Mr. X died in early 2016. Mr. X’s estate appears to meet all of the requirements to be a graduated rate estate (“GRE”), except the 1st return has not been filed as yet to formally designate it a GRE. The estate made a charitable donation in early 2017; at the time of the donation, the estate had not met all the requirements of the GRE definition in the Income….

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Canada Revenue Agency, Charitable Giving, Estate Administration, Estate Donations, Estate Planning, In the News, Property, Tax Issues, Uncategorized

Must an estate pay for a charitable pledge by the deceased?

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Canadians are charitable people. According to Statistics Canada, 82% of Canadians made a financial donation to a charitable or non-profit organization in 2013 (the latest year statistics are available). The amount given by donors increased from an annual average of $469 in 2004 to $531 in 2013. The most generous donors are those age 75 and over – indeed, every older age category was more generous than the previous one…..

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Charitable Giving, Estate Donations, Estate Litigation

‘Baby boomers under 75 set to inherit $750 B in next decade’- CIBC

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I have a friend who inherited 1 million dollars from a distant uncle. Sounds like a healthy inter generational wealth transfer occurred. She has no children. She does not worry about whether she will be leaving an inheritance. Instead, she enjoyed a trip around the world and is keeping money aside for her golden years……..

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Charitable Giving, Elder Care, Estate Administration, Family Conflict, Philanthropy/Charitable Giving

Are Charities Second-Class Beneficiaries?

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Charities face a bizarre challenge when administering gifts by will.   It should be simple.   After the donor’s death, a charity named as a recipient of an estate donation becomes the beneficiary of a trust.   The money is owed to the charity and the interest in the trust is legally enforceable.   Charities, however, are often considered to be second-class beneficiaries. What does it mean to be a “second-class beneficiary”?   The idea….

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Charitable Giving, Estate Administration, Philanthropy/Charitable Giving

Strangers in Family Foundations

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Family charitable foundations are often equally about the family working together as they are about charity.  While the purpose of a foundation must be exclusively charitable, the founders’ hope is that future generations of family will have a place to work together and act on their values.   But how, particularly in an estate plan, do founders keep a family foundation on course?   One strategy is an independent director….

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Charitable Giving, Estate Planning, Philanthropy/Charitable Giving
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