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InHouse Wills & Probate

former Willwriter of the Year

Charity Legacies

Helping you, to help charities, to help others

Support your favourite charity - now and in the future, and it is free of Inheritance Tax

Charity begins ... InHouse

 

Many of us like to support the work of one or two charities - perhaps organisations that reflect our own interests, or ones that have been of particular help to family and friends. All gifts to charity are free of Inheritance Tax and so they can reduce the tax payable on our estate.

Charities need all forms of support - from regular giving through to large one-off donations. A gift from a Will can make a big difference, especially to small local charities. However, surveys suggest that nationally only 7% of Wills include a charity.

In order to support the excellent work that many charities undertake, InHouse Wills has decided to do something practical about it and are making the following commitment:-

When drafting a Will for a new client, at client request InHouse will donate 10% of the total fee to a charity likely to receive a significant* gift from the Will.

If the legacy is to a local charity, InHouse will raise that charity donation to 20% of the total fee.

This means that as you make your Will the charity receives a small donation right now and then a larger gift from your estate when eventually you pass away. We hope that it will encourage us all to do a little something that makes a difference to the society of which we are a part.

 

 

If you are not sure which charity to support, we can make some suggestions of local charities

 

Currently InHouse is particularly keen to support local hospice LOROS

IHT and Charity: Nowadays there is a 10% reduction in the IHT bill for an estate, provided at least 10% of the net estate goes to charity.

Example: Estate is £400K, so £75K would be subject to IHT at 40% (tax bill £30K leaving £370K to pass on).

But if at least £7.5K goes to charity (free of IHT), then tax bill is (75-7.5) * 36% = £24.3K. Thus charity gets £7.5K and the rest share £368.2K

*For these purposes, we would like to suggest that a “significant gift” is £1,000 or more and the gift should be expected to occur (e.g. not relying on all the family predeceasing the client for the Charity gift to take place). Of course, you are always free to makes gifts in your Will exactly as you wish, which may include one or more charities or indeed no charities at all.

Charity gifts

Remember - all gifts to charity from your Will are free of Inheritance Tax, avoiding the 40% tax.