Estate Donations

Total 88 Posts

An Estate Donation of a Company  

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[caption id="attachment_19850" align="aligncenter" width="471"] Donor Miriam Bergen’s photo is held by her niece, Doris Geitz. (CBC)[/caption] On Giving Tuesday last month, The Winnipeg Foundation announced a $500 million estate donation from a local donor, Miriam Bergen.  The donation is of two companies.  Appleton Holdings Ltd., which owns Edison Properties, which in turn holds 27 rental apartment and commercial buildings in Winnipeg. The donor’s wished that her 200 employees “retain their….

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Estate Donations, Philanthropy/Charitable Giving, Uncategorized

Can a Power of Attorney for Property Change a Beneficiary Designation?

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Today’s blog is written by Jessica J. Butler, Law Clerk at Fasken LLP. Powers of attorney can be an area of confusion for those clients looking to create or update their estate plans. Clients can be uncertain as to what kinds of duties and responsibilities someone appointed under a power of attorney may have. Similarly, some clients are unsure of how beneficiary designations impact their estate plan. Today, I would….

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Estate Donations, Estate Planning, Power of Attorney, Succession Planning, Uncategorized, Wills

Charities Lawyers Don’t Recommend

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I recently spoke to an estate lawyer who told me she would never recommend certain charities to clients. Why?  Because of the way these charities treated estate trustees. Some charities are unduly litigious, grind on fees, and are obstreperous about releases. It’s not the first time I’ve heard this comment from estate professionals – and some traumatized lay executors and family members. Sympathy for Charities It’s hard to evaluate the….

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Estate Administration, Estate Donations, Philanthropy/Charitable Giving, Uncategorized

Illiquid Assets and Estate Donations

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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? Extended claim period Formally, the tax….

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Estate Administration, Estate Donations, Estate Planning, Philanthropy/Charitable Giving

Campaign Donors Permitted to Advance Trust Claim

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GoFundMe is arguably the most recognized crowd funding platform used by many who seek to raise funds from the public domain to support a defined goal. Legal issues have been raised surrounding the funds donated through platforms such as GoFundMe, particularly when the funds are used for something other than its intended purpose. This issue is at the heart of Maghdoori v. Sanjari, 2022 ONSC 4624 (CanLII) (“Maghdoori”), an application….

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Charitable Giving, Estate Donations, Philanthropy/Charitable Giving, Trusts

Estate Donations: Six Years Later

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The 2016 introduction of the Graduated Rate Estate (GRE) regime was accompanied by the “estate donations” rules. These Income Tax Act provisions altered the administrative and tax treatment of gifts by will, as well as direct designation gifts of life insurance, RRSP/RRIFs, and TFSAs.   How are charities and executors managing with these rules six and a half years later? I’d say the experience is mixed. Estate Donation Features Let me….

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Estate Administration, Estate Donations, Philanthropy/Charitable Giving, Uncategorized
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