Philanthropy/Charitable Giving

Total 170 Posts

Legacy Alive: G.U. Pope in Tamil Nadu

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As a philanthropic advisor, I constantly discuss legacy with clients.   Beyond a gift by will, a legacy transmits values, acts, and funds in a way that makes the world a bit better place.   Quite unexpectedly, I recently found out my great-great grandfather, George Uglow Pope, left what I can only describe as palpable living legacy.  I had to go to the south of India to discover it. Pope was an….

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Philanthropy/Charitable Giving

Serving the Charitable Purpose

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I want to float a trial balloon about charitable trusts. A clause stipulating that a trust should be limited to using income for charitable purposes, meaning that capital is untouchable, should be viewed as an administrative clause and not part of the charitable objects. The charitable purposes of the trust may be perpetual, but making the trust “income only” is a historical drafting convention that no longer serves the charitable….

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Estate Planning, Philanthropy/Charitable Giving, Trustee, Trusts

‘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

Rethinking Testamentary Charitable Remainder Trusts

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The tax treatment in Canada of testamentary charitable remainder trusts (CRT) has long been an exercise of metaphysical complexity. Although a charity may receive property from a trust established by will, tax receipts are rare. What looks like a gift isn’t for tax purposes. The new “estate donation” rules in sub-section 118.1(5) that became effective in 2016 have quietly changed this reality, but it may take a while for CRA….

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Estate Planning, Philanthropy/Charitable Giving
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