PLANNED DONATIONS
Have you ever considered planned giving?
A planned donation is a donation made as part of an estate or financial planning process. It allows the donor to reduce tax liabilities while supporting an organization of their choice, such as the Musée du costume et du textile du Québec.
Planned giving is a valuable form of philanthropy and an excellent way to share one’s legacy with the community and future generations. It helps enrich our culture by providing a means to preserve our heritage, and enters the donor in the ranks of the benefactors who have helped advance society and preserve knowledge over the centuries.
Planned giving options
Gifts of real property
The MCTQ accepts gifts of real property.
The donor must provide, at his or her expense, a properly completed appraisal of the property they wish to bequeath to the museum.
In order to determine the fair market value of the bequeathed property, the MCTQ may request an additional independent appraisal before issuing a tax receipt.
Gifts of securities
Gifts of publicly traded securities (stocks, bonds, mutual funds, stock options) yield significant capital-gains tax savings while providing tangible aid to the museum.
Bequests
A bequest is a provision in a will that assigns specific items from an estate to an organization of the person’s choice. Several options are available:
- Specific bequest: a specific amount of money, real property, securities, personal goods such as collections or artworks, RRSPs, life insurance policies, RRIFs.
- Residuary bequest: transfer of a set portion or percentage of the total value of an estate, or of its remainder after settlement of specific bequests, debts, taxes and expenses (example: 75% of the estate to the successors, 25% to the MCTQ).
- Conditional gift: designation of the MCTQ as a beneficiary of all or part of an estate in case the donor is predeceased by his or her beneficiaries.
- Bequest of an insurance policy or a registered retirement income fund: designation of the MCTQ as the beneficiary of all or part of an estate.
Bequest of a life insurance policy
This type of donation can take several forms:
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Transfer of ownership of an existing fully paid policy: by transferring ownership of the policy to the MCTQ and designating the museum as the beneficiary, you will receive a tax receipt for a donation equivalent to the policy’s cash surrender value, including accumulated interest and dividends.
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Transfer of a partially paid policy: by transferring ownership of a policy to the MCTQ, or by designating the museum as the beneficiary, you will receive an income tax receipt for all future premium payments after the transfer of ownership. Receipts are issued only after we have received written confirmation of payment from the insurance company. Upon your death, the benefit will be paid to the MCTQ.
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Purchase of a new policy: by designating the MCTQ as exclusive owner and beneficiary, you receive tax receipts for the annual premium. Upon your death, the benefit will be paid to the MCTQ.
Charitable annuities
A charitable annuity is the irrevocable transfer of assets or a sum of money. The MCTQ uses the transferred capital to purchase, from an authorized financial institution, an annuity for the donor’s benefit. The annuity produces a guaranteed income either for a specific duration or for the donor’s lifetime. Income is based on the donor’s age and the amount of capital transferred. The capital is treated as a simple donation used in a manner specified by the donor. Upon the donor’s death, the remainder of the annuity is transferred to the MCTQ.
If you are considering a planned donation to the Musée du costume et du textile du Québec, please do not hesitate to contact us for further information.
Musée du costume et du textile du Québec (MCTQ)
349, rue Riverside
Saint-Lambert (Québec)
J4P 1A8
450.923.6601
info@mctq.org |
