Bequests
The most common planned gift is a charitable bequest made in a will to be distributed by your estate after your death. Careful estate planning takes into consideration your charitable intentions, your financial situation, the tax benefits of giving, and personal and family needs. Leaving a bequest to Inter Pares can be a powerful expression of your dreams, values, and principles, and enables you to leave a lasting legacy – your commitment to social justice action.
Over the years, Inter Pares has been honoured to receive bequests from people who wish to extend their commitment to creating a more just, safe world for future generations. Many of our donors have left a bequest to Inter Pares because they want to make a major gift while retaining use of their assets through their lifetime. For these donors, a bequest is an ideal gift planning tool, since it does not compromise their current financial status or their future financial security.
Inter Pares can receive bequests of specific amounts of cash, stocks and bonds, RRSPs, trusts or a percentage of an estate. Many donors leave a percentage of their estate to Inter Pares instead of an absolute amount, because when they make their own will they do not know what the value of their estate will be at the time of their death. And they still retain control throughout their lifetime. If circumstances change, a gift can be revoked through a change in the will.
Leaving a bequest to Inter Pares will provide substantial tax benefits to your final tax return. A bequest offers tax credits that reduce the amount of taxes owed by your estate. Taxes can be reduced by up to 100% of net income for the final tax return. Tax credits not used in the final tax return can be carried back one year to claim a refund of up to 100% of the tax paid in the previous year.
There are three kinds of bequests to consider:
Specific bequest
With this type of gift, you identify a specific amount of cash or a particular asset you would like to leave to Inter Pares. Because it is fixed, specific bequests usually have precedence over other types of bequests made in a will. Sample wording may look like this:
“I give to Inter Pares, 221 Laurier Ave. E, Ottawa, ON, KIN 6P1, either the sum of $X and/or the asset (ie. stock, bond, RRSP/RRIF) for general use.”
Since the recent elimination of capital gains on gifts of listed securities to Canadian charities, if your estate includes securities, there is a tax advantage to the estate to specify that a charitable bequest be made from securities rather than cash or other assets.
Residual bequest
The residue of your estate is what remains after you have looked after your other specific bequests and after all fees and taxes have been distributed. The advantage of this type of bequest is that the actual value of your gift reflects your financial situation, and other commitments. Thus, if your estate changes substantially between when you write your will and the time of your death, the amount of your gift will change proportionately. Sample wording may look like this:
“I give to Inter Pares, 221 LaurierAve. E., Ottawa, ON, KIN 6P1, X per cent of the residue of my estate for general use.”
Contingent bequest
Donors may also choose to make Inter Pares a “contingency benefactor.” In this case, Inter Pares receives the gift only if the first person for whom your gift is designated dies before you do. Sample wording may look like this:
“In the event that (named beneficiary) pro-deceases me, or dies within 30 days of my death, I give to Inter Pares, 221 Laurier Ave. E., Ottawa, ON, KIN 6P1, X per cent of my estate for general use.”
Leaving a bequest to Inter Pares is a wonderful way to extend your commitment to social justice beyond your own lifetime. If you are leaving a bequest to Inter Pares or would like more information about how to do so, please let us know.
If you have already named us in your will, please note that our current address should be kept with your will.
Claire Harris – one donor's story
“I believe that everybody is responsible for themselves and that the way we live this out is to care for each other. If we do not ensure the dignity of each one of us, we diminish ourselves. The humanity of others is also my humanity.”
Born and raised in Trinidad, Claire Harris immigrated to Canada in the mid-60s to teach English to junior high school students. In 1974, she stopped teaching to study mass media and communications at the University of Nigeria in Lagos. It was there that Claire began to write poetry.
When she returned to Canada a year later, Claire continued to write while teaching. Finally, in 1993, she retired from teaching to devote herself to her poetry Claire has since published eight poetry books about the lives women live, and has given poetry readings all over the world. One of her books, Dreaming Down a Daughter, was shortlisted for the Governor General’s Award.
A supporter since 1985, Claire named Inter Pares in her will because of the connection she makes with her life work. She told us that she is often inspired to write about women she imagines after reading a story or article in one of our bulletins. She says, “It seems only fair to leave to you what came out of your work.”
Claire believes that Inter Pares’ social justice work reflects her values and principles. “Inter Pares helps us share in the humanity of people around the world. People are not given charity – they’re treated with dignity and humanity and then they change their own lives. This is what my poetry is all about – humanity, dignity. That's what I like about Inter Pares – you recognize the humanity and dignity about people. This, I believe, is where Inter Pares and my poetry – my life's work – connect.”
Inter Pares is grateful for the trust that Claire Harris has placed in us to carry forward her commitment to social change and justice.
| Reviewed July 29, 2009 |  |
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