Where there's a will, there's a way. A way for a donor to state who is to receive his or her estate and how much each designee is to receive. Without a will, the state determines who receives an estate and how much each person receives. Many loved ones and charitable institutions are excluded. A bequest to Ohio Northern may take the form of cash, securities, real estate or other assets.
Charitable bequests are fully deductible in determining estate taxes.
At his death, Mrs. B. includes the College of Engineering in her will in memory of her husband. The right plan can also avoid capital gain taxes. Charitable Remainder Trusts Charitable trusts may be funded with any type of property. Many times, long-term appreciated property is used to avoid a capital gain tax. Additionally, a current income tax deduction is allowed.