A bequest is a gift made by Will. By directing a portion of your estate (generally a specified             amount or percentage of the residue) to MORF, you can significantly reduce the taxes             payable upon death. A bequest comes into affect upon death and a donor retains the

flexibility to alter the gift throughout his or her lifetime. The tax and other implications vary             and should be carefully reviewed in order to determine the best approach.

Tax Advantages             For income tax purposes, a gift by Will is treated as having been made by the deceased in             the taxation year ending on the date of the death. A donation receipt is issued for the fair             market value of the gift, which may be claimed the year of death or the preceding year. The             donation claim limit is 100% of net income in each of those years. If a bequest of             appreciated securities is made, the tax incentive currently available for qualifying gifts of             appreciated securities may apply.