It’s a question many of us have when writing our Will: How can we best take care of the people and causes that mean so much to us? How can we optimize the legacy we leave behind?
Perhaps you’ve asked these very same questions when thinking about your support for the NAC. As someone who is passionate about the performing arts, chances are you believe strongly in helping the next generation develop an appreciation for something so close to your heart.
One way you can maximize your support for the NAC while ensuring your family is well cared for is to make a residual bequest in your Will to the NAC Foundation. By choosing to donate a percentage of 1%, 2% or 5% of what remains in your estate after first taking care of your loved ones, your gift will generate a tax receipt to help offset taxes.
But there’s a way you can generate even more tax saving, benefitting your family and organizations like the NAC that play such an important role in your life.
Instead of selling securities with accumulated capital gains and donating the cash, you can transfer the securities directly to the NAC. By making your gift in the form of securities (stocks, bonds, mutual funds and ETFs) you won’t pay capital gains tax which results in an even bigger tax break. That means more money will be available for your loved ones and the causes you hold dear.
Executors are often unaware of the advantages of making a gift of securities so leaving instructions for your estate administrator is something to consider.
There’s nothing quite like the feeling of taking your seat in one of our halls anticipating the pure joy of a perfectly performed concert, play or dance. Remembering the NAC in your Will and optimizing your support with a gift of securities is a wonderful way you can help ensure future generations get the chance to experience that same incredible feeling.
If you would like more information or would like to discuss making a gift of securities to the NAC Foundation please contact Barry Bloom at 613 947-7000 ext. 314.