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There are two things to remember if you re going to set up a charitable remainder trust First, the trust will be irrevocable once it s set up, there s no turning back Second, transferring investments to a charitable remainder trust could trigger a taxable capital gain if those investments have
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You ll notice that Bernadette paid no tax on her capital gain, but received a donation credit of $10,000 to more than offset these taxes The net bene t to Bernadette s estate is $10,000 So here s the game plan: Instead of cash, consider leaving securities that have appreciated in value to your favourite charity This can be done by leaving instructions in your will for your executor to donate speci c securities to a charity of your choice Your heirs will thank you, since the tax savings could be signi cant
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appreciated in value The donation credit received from the gift, however, will soften the blow of any taxable gain
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With a charitable remainder trust (CRT), you can donate certain investments to a trust during your lifetime Your favourite charity is named as the capital
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bene ciary of the trust so that, upon your death, or upon the death of a surviving spouse, the investments pass to the charity During your lifetime, you re entitled to all income generated by the investments in the trust You get tax relief right away for the investments you have transferred to the trust The value of the donation credit is determined by an actuarial calculation based on your age and interest rates The older you are, the greater the tax credit when setting up a CRT
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There are generally three ways to help your favourite charity with life insurance: (1) make the charity the bene ciary of your policy; (2) transfer ownership of a policy to the charity and make the charity the bene ciary; or (3) make your estate the bene ciary and leave instructions in your will for a donation to be made to charity In the rst scenario, you ll be entitled to claim a donation credit on your nal tax return as a result of designating the charity as bene ciary of the policy you own This was not the case prior to the 2000 federal budget, but this change has made things better for all deaths after 1998 This credit could go a long way to reducing your tax bill in the year of your death I like this option most of the three listed here
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In scenario two, transferring ownership of a policy will provide you with a donation credit for any cash value that exists at the time of transfer, plus a credit for any premiums paid by you after that date Sorry, you won t receive a credit for the death bene t when it s paid to the charity upon your death There may be a tax hit on any cash surrender value that exceeds the cost base of the policy in this scenario, but the donation credit should outweigh this Scenario three used to be my favourite because it provided the most tax relief but not any more The drawbacks of naming your estate as bene ciary and then leaving instructions in your will to donate the cash to charity are these: (1) probate fees will be due on the amount of the life insurance, and (2) if your will is contested, the charity may never get the money you intend it to receive Now that a credit is provided for directly designating a charity as the beneficiary of a life insurance policy you own (the rst scenario), it makes much more sense to simply make this designation in the policy
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Giving to charity during your lifetime or upon death can provide signi cant tax savings Making donations during your lifetime will also save probate fees Consider donating securities instead of cash Consider a charitable remainder trust or life insurance as tax-ef cient ways to help your favourite charity
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