Have you considered leaving money to charity?
A recent change in inheritance tax laws means that you could, if you choose to, leave a legacy to a charity and reduce your estate for inheritance tax purposes.
“Although over 70 per cent of people in this country give money to charitable causes, only four per cent give a legacy to charities after their death.”
There may be a raft of reasons why you give money to charity and these may be very personal to you. Here are a few reasons why you may decide to leave money to charity:
- Generosity and philanthropy: giving financial support to organisations that help others;
- Tax reduction: leaving a legacy to charity can reduce your estate for inheritance tax purposes;
- Previous giving: if you regularly donate money to a charity – and you are happy with how that charity is performing its charitable work – it makes sense to leave it money to assist it continue its work;
- Gratitude: if a health care charity, such as Macmillan Nurses, or a local hospice, has helped or is helping you or a loved one, you can express your thanks by leaving money to that organisation;
- Defeating illness: if you have suffered from a chronic or terminal illness, donate to the appropriate research charity;
- Family reasons: relatives and close friends can’t argue with each other or be jealous if you decide that charities are more deserving of a piece of your estate.
Further information can be found at:
