You’ll Be Glad You Did
If you leave a gift to the Foundation as part of your Will, it is automatically placed in an Endowment Fund. There is no need to make a request for endowment, but you may wish to give a direction on the use of the gift.
There are some tax advantages to making a donation through a bequest, the principal one being that whereas the living taxpayer may donate only 75% of annual income and receive tax reduction privileges, an estate may donate 100% of income for the year of death and a further 100% for the last full year of life.
It is possible for your estate to be tax-free if you donate an amount equal to all the tax owing to one or more charities. You may prefer your money going to a charity rather than into the coffers of the government.
Discuss the possibility of a bequest with your lawyer when making your Will.
There are several more complex ways of realizing a donation similar to a bequest. You should discuss the details of these arrangements with your insurance company or your lawyer.
Please consider giving to the DRDCF when making your Will, or when making decisions as executor during estate disbursements.
Want to learn more about ways you can get involved? Contact us today.