Photo of an Elderly CoupleMany people who diligently contribute to their retirement plan don’t know that, upon their death, the last survivor of the plan will be taxed at the highest rate. This unexpected tax could be avoided with correct planning.

Gifts of retirement plans can offset this tax issue. You can name a charitable organization of your choice as the beneficiary.

This means that upon your death (or your spouse’s), the organization would receive the proceeds and your estate will receive a charitable receipt. This receipt will counterbalance your final tax return. It will transform any final tax liabilities you have when you die into a charitable gift.


FREE WILL PLANNING GUIDE

The benefits of an estate plan are many; including peace, provision and protection. A good plan can increase your lifetime security and also achieve your goals for your family and charity. For your freeWill Planning Guide, contact Inga WarnockExecutive Director of Investment and Stewardship, at warnock@twu.ca or at 604-513-2033.

For more information on estate planning, visit our estate planning website.