Philanthropy/Charitable Giving

Total 170 Posts

The Endowment Effect

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[caption id="attachment_5640" align="aligncenter" width="463"] St Miguel and the Dragon, 14th Century, Museu Nacional d’Art de Catalunya, Barcelona, Spain[/caption] People value objects more when they own or possess them – or at least when they presume ownership.   In cognitive psychology this phenomenon is called the “endowment effect”.    It’s a concept that was seemingly invented to describe a lot of behaviour related to estates, philanthropy and foundations.   It’s time to give it….

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Estate Administration, Estate Litigation, Family Conflict, Philanthropy/Charitable Giving

GIFTS – Some Additional Thougths

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Recently, I wrote about the gifting of cash or assets during one’s lifetime as an alternative method of distributing your wealth (beyond what you need to live on comfortably) and possibly avoid taxes (probate, income etc.) at time of death. I suggested that your heirs could use the funds in a manner that will likely cost less tax: For example pay down some personal debt, apply it as a deposit….

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Canada Revenue Agency, Charitable Giving, Estate Litigation, Estate Planning, Family Conflict, Investments, Joint Tenancy, Loans, Philanthropy/Charitable Giving, Probate Tax, Property, Real Estate, Tax Issues, Trusts, Uncategorized

The Art Collector and the Tax Deal

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[caption id="attachment_12949" align="aligncenter" width="300"] [/caption] A 1953 caricature of Douglas M. Duncan by Alan Reeve. Note the envelopes in his pocket at the lower right.   Douglas Duncan was a pioneering Canadian art dealer and ambitiously hapless businessman.   Known as the dealer and artistic executor of artist David B. Milne, he was legendary for his unopened mail, uncashed cheques and, yes, of course, failure to write a will.  Prior to….

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Estate Administration, Estate Donations, Philanthropy/Charitable Giving

How to Donate Art

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[caption id="attachment_11663" align="aligncenter" width="640"] The Leaf by Germaine Richier. Gift of Nora E. Vaughan, 1981, to the Art Gallery of Ontario[/caption]   I get a lot of inquiries from clients with art or collectibles that they want to donate – sometimes during life and sometimes as part of an estate plan.  These long-term collectors often believe a public gallery, museum or educational institution is the best “one stop” destination for….

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Estate Planning, Philanthropy/Charitable Giving

The National Gallery of Canada’s Purpose

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[caption id="attachment_5336" align="alignleft" width="300"] New Indigenous and Canadian Galleries at the National Gallery of Canada, Courtesy of The Globe and Mail[/caption] At the recent opening of the new Indigenous and Canadian Art Galleries at the National Gallery of Canada (NGC), Director Marc Mayer made a fascinating throwaway comment. Due to the inclusion of historical objects and artifacts made by Canadian indigenous people NGC had to redraft its legal purposes.  In….

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Estate Donations, Philanthropy/Charitable Giving, Uncategorized

Gift returned receipt required

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The Canada Revenue Agency was asked to speak to the implications of a gift return and their response included some commentary on the impact on the donor. The situation the CRA was asked to consider involved an individual taxpayer who, in 1981, gave a whole life insurance policy to a charitable foundation raising funds to support a specific college. The gift was made on the condition that the funds be….

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Canada Revenue Agency, Charitable Giving, Estate Donations, Executors, Insurance, Philanthropy/Charitable Giving, Tax Issues
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