Leave a Legacy
More and more people are leaving gifts to say thank you to the local community or to help those less fortunate than themselves. A fund can be set up in your name, ensuring your charitable wishes are fulfilled. A significant benefit of leaving a legacy is that inheritance tax is not payable on gifts to charities.
Different kinds of legacy
There are several different types of legacy and your solicitor can help you to choose one according to your own personal circumstances:
A Pecuniary Legacy - is a fixed amount specified in your will. It is free of tax, which adds considerably to the value of your gift.
A Residuary Legacy - is the remaining value of your estate after all other bequests to family and friends have been made.
A Reversionary Legacy - allows family and friends to benefit from your estate during their lifetime and then for the balance of the estate to pass to the Community Foundation.
Specific - a particular item, such as shares, property or valuables, left to the Foundation will be free of inheritance tax.
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