Page 27 - ECF-LIA-Sept-Fall-2024-flipbook

WHY should I give?
Many people want to leave legacies behind through
their wills. These often come in the forms of charitable donations to causes close to their hearts. Beyond the feel- good benefits of such a gift, your bequest can have a real impact in the world you’re leaving behind. Plus, there’s some nice tax planning benefits to charitable gifts (I see you a capital gains tax increase and raise you a charitable tax receipt to offset).
ECF has many funds that support a wide variety of causes. And if one doesn’t already exist that fits with your charitable purpose or interests, you can set one up. You can leave and support an enduring legacy well past your death through your will.
HOW do I give?
Cash can be king, but so too can stocks or shares. Depending on what assets you have, you may decide to leave an asset as opposed to money as your charitable gift. If that is something you are thinking of, make sure your will makes that clear. All the Wills Week lawyers have the appropriate wording for such a gift (and if your lawyer isn’t part of that vaunted crew, ECF can certainly provide it).
WHAT should I give?
Do not give a charity a percentage of your estate. That causes an endless cycle between giving the charity its percentage; it giving you a tax receipt; you getting a tax refund; you giving the charity its percentage of what’s left... ad nauseam.
Instead, give the charity a specific amount or a specific asset. Alternatively, you could consider leaving the entire residue of your estate to your charity of choice. The residue is what is left over in your estate after all of your debts and costs of administering your estate is paid.
WHEN should I give?
Although there are some very good reasons to hold off on giving — turns out we’re living longer and may need our money to pay for our care — if you are able to give now, you should. Why not experience the impact your gift can have while you’re still alive to see it? When you’re dead, unless you want your spectre to walk this earthly coil, you aren’t going to see the benefit of your gift. It’s so much more satisfying to be alive to receive the thanks and accolades.
If you can manage it, I strongly recommend giving your charitable gifts before you die. The charitable tax receipt will be just as useful on a living tax return as on a dead one.
ecfoundation.org 27