estate donations

Protecting Charitable Interests

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Are will challenges easier when there are charitable beneficiaries?  Moreover, if there are more charities named in the will does that heighten the likelihood of legal contest? This is the kind of “shop talk” that happens when charitable gift planners get together with trust professionals and lawyers.  One lawyer told a cautionary tale of a large estate that was litigated away from a dozen named charities.  The charities lacked the….

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Estate Donations of Art

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[caption id="attachment_21746" align="aligncenter" width="666"] Decisions, Decisions, Charles Pachter (Courtesy of Heffel Auctions)[/caption] Fine art is an asset class of growing importance among the affluent and is beginning to be a significant part of select estate plans.   A recent estimate pegged the international art market at US$57.5 billion in 2024 (a 12% decline from 2023)  and Canada has seen some record prices at auction.   Many collectors are contemplating donating their art….

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Estate Donations, Estate Planning, Philanthropy/Charitable Giving

Valuing In-kind Donations

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There is a saying among charitable gift planners: “beware of donors of in-kind property with valuations in hand.”  In other words, some gifts may be too good to be true.  This folk wisdom contains a serious point. Donors, executors and charities often struggle with the valuation of in-kind donation.  Who commissions and pays for in-kind donation appraisals, the donor or charity? Does the valuation have integrity? Standard Practice The recommended….

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Estate Administration, Estate Donations, Uncategorized

The new charity funding crisis

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Charities do not exclusively depend on donations, despite popular perceptions to the contrary. In Canada, government funding and earned revenue contribute more to registered charities than donations.  Both these types of low-key funding are under pressure, enough so that we will soon witness some large charities shrink or even collapse. Now, it’s true that a high percentage of charities get most of their income from donations, but these organizations are….

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Estate Donations, Philanthropy/Charitable Giving

Charity Governance and Estate Donations

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[caption id="attachment_20630" align="aligncenter" width="333"] Richard Serra, Band, 2006[/caption] The headline is not intended to scare you off.  Admittedly, governance is a notoriously dull topic, made worse by the enthusiasm of governance wonks.  Charity governance is rarely a matter considered, at least overtly, by an estate donor when planning a gift by will. But strong governance is essential to good charities. Governance helps determine the current and future health of a charity.  Will….

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Estate Donations, Philanthropy/Charitable Giving, Uncategorized

AMT and Donations

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Changes to the Alternative Minimum Tax (AMT) rates and rules are scheduled to take effect on January 1, 2024.  For the first time AMT will apply to charitable donations from high-income individuals, which is worrying for charities and donors. Simply, targeting donations is poor tax policy that will produce unintended community harm. There is now a wealth of information on these changes from the charitable and planning community. I have….

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Philanthropy/Charitable Giving
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