Timely new Living Will App, can bring more
Planned Gifts as a part of good Estate Planning
Jocelyn Downie, a professor at Dalhousie’s Schulich School of Law, started developing the app with the Legal Information Society of Nova Scotia last year.
But Downie says the app is more important than ever.
“We weren’t anticipating this pandemic at all,” Downey told CBC’s Information Morning on Friday. “It is just incredibly fortuitous that we have it ready now.”
A living will, or personal directive, is a legal document that helps family members and health-care providers make decisions when a person is left incompetent from injury or illness.
Giftabulator allows individuals to see how their estate can be allocated to their heirs, charity and taxation. The “Give Later” feature looks at the value of the estate based on the cost basis, indicating an approximation of how much of the estate would be directed to taxation and how much would be left to the heirs.
Giftabulator’s “Give Later” is an ideal planned giving illustration tool, which allows the individual to allocate either a specific amount like $50,000 to charity in their estate and show how the donation reduces their tax.
As well, Giftabulator can illustrate a percentage of the estate being left to charity and how the overall tax is reduced without having a significant impact on the heirs. The donor can easily calculate a 10% donation and how that impacts their heirs and reduces their tax.
Finally, a really cool feature in the Giftabulator calculation illustrates how much an individual could donate to get to tax zero (yes, $0) and how much their heirs will potentially receive.
We thought it might be helpful as a walk through Giftabulator and developed a unique chatbot called Phil (short for Philanthropy).
I would love to hear from you and what you and your donors think.
Thanks,
Be safe, be well!