Estate Planning for Wombats
An American millionaire has left $8 million to an Australian wombat awareness organization, and with that bequest, he has undoubtedly raised awareness all over the world about the chubby, nocturnal, burrowing Australian marsupial.
According to a Forbes.com story, the man – whose family has requested anonymity – left his millions to the Wombat Awareness Organization (WAO), a non-profit organization that rescues and rehabilitates the Southern Hairy Nosed Wombat, after visiting the WAO a few years ago and being impressed by the work of the volunteers to save the wombats, which are teetering on the edge of endangerment.
WAO director Brigitte Stevens said she took the American – who was reportedly in the horse racing industry – to see wombats in the wild, many of which had mange, were injured or starving. Stevens said she was “blown away” by the bequest, but hoped that donations from other sources would continue to be made since she does not expect to see the first payment for another year. The bequest was made in eight annual payments of $1 million each.
Making a bequest to benefit a favorite cause is usually not newsworthy – people do it all the time. Charitable contributions both during your lifetime and after your death via a charitable trust can provide you and your heirs with tax breaks.
For more information, contact our Jacksonville estate and tax planning law firm.
