Recognize your passion for the arts in your estate plans and inspire future generations
Many of us remember the person who brought us to our first concert, play or dance performance. We hold a special place in our heart for the family member or teacher who shared their love of live performance with us.
As someone who cares deeply about the performing arts in Canada, perhaps you’re that special person for the young people in your life. And now, you can also take it one step further and inspire a love of the arts in the hearts of future generations.
From time to time it’s important to review your estate plans. Have your priorities changed? Maybe there’s a new member in your family or a beloved cause you want to remember. While looking at your estate plan, it’s also a good idea to think about your retirement funds (RRSPs or RRIFs).
When someone passes away, the value of their RRSPs or RRIFs must be brought into their income unless it’s rolled over to a surviving spouse or dependent child. As you can imagine, they can pay a lot of tax because of this increase to their income. In fact, typically, in a person’s last year of life, their income is at the highest marginal tax rate.
That’s why you may want to consider making a charity like the NAC your beneficiary. If your retirement funds remain outside your estate you won’t pay probate fees. And you’ll receive a tax receipt that can be used to offset taxes which can be substantial in your final year.
Your legacy gift for the NAC Foundation is an ideal way to celebrate the performing arts and what they’ve brought into your life. It can inspire future generations of young people to develop a similar passion for the arts you hold so dear.
For more information on how best to remember the NAC Foundation in your estate plans please contact Barry Bloom at 613 947-7000 ext. 314.