A bequest is a gift of cash or property that you make in your will.
A bequest to Resource Centre for the Arts can also provide a tax benefit to your estate. The estate will get a tax receipt for the full value of the bequest. That receipt will reduce the tax payable by the estate. If the total receipt cannot be used for tax purposes on the donor’s final tax return, the excess may be carried back to the previous tax year and used to claim a refund.
Wills can be complex and should be drafted with the help of a lawyer. A lawyer, tax accountant or estate planner can help you set up your will to minimize taxes and probate fees on your estate.
If you are thinking of including Resource Centre for the Arts in your will, we would like to meet with you or your lawyer to review the terms of the bequest, particularly if it is restricted, to ensure that we will be able to comply with your wishes.
PUBLICLY LISTED SECURITIES
Relatively recent tax incentives have made gifts of publicly listed securities an effective way to make a significant donation.
If many of your assets are tied up in the form of appreciated stocks and securities, you can eliminate capital gains tax and receive a charitable tax receipt for the fair market value of the shares by donating some of them directly to Resource Centre for the Arts.
An individual’s or family’s life insurance needs often change over the years. As a result, many individuals find that they no longer require those old policies to look after what they were originally purchased for.
Rather than simply cancelling the insurance and losing the payments made into their policies, policy holders can make a significant gift in the future by naming Resource Centre for the Arts as beneficiary.
This allows Resource Centre for the Arts to receive all, or a portion of, the death benefit proceeds of the policy which is no longer needed for family protection. In this way the donor is turning excess insurance coverage into future benefits for Resource Centre for the Arts.
Naming Resource Centre for the Arts as the beneficiary and owner of a life insurance policy will provide the donor with the opportunity to contribute a substantial gift at the time of his or her death, and receive a tax receipt for any premiums paid.
If Resource Centre for the Arts becomes the sole irrevocable beneficiary of an existing policy, the donor will receive a tax receipt for the net cash surrender value and for any remaining premiums that continue to be paid by the donor.
*We strongly encourage you to seek professional legal, estate planning and/or financial advice when making decisions about your gift to Resource Centre for the Arts.