British Friends of The Jaffa Institute
Planned giving
When you make a gift to the Jaffa Institute, you express a deep commitment to the children and community of Jaffa and South Tel Aviv. Through planned giving, you can create a powerful legacy that will secure our community’s future.
Through Planned Giving & Endowments, we can help you plan for the future and potentially receive great tax benefits. Whether it’s a charitable gift annuity, a charitable lead trust, or a gift of life insurance you can fulfil your financial and retirement needs while supporting the Jaffa Institute’s efforts.
A Simple Bequest in Your Will
Remember the Jaffa Institute in your will and provide an important legacy for you and your family, while providing for future generations.
How to add a gift to an existing will with a codicil
One simple way to make changes to an existing will is to use a codicil. Codicils allow you to add a gift to the British Friends of The Jaffa Institute in your latest will, and make simple additions or alterations without needing to visit a solicitor.
How to use a codicil
You can download a codicil form here. If you would like further information you can contact us for more details. For more complex changes we would recommend you consult with your solicitor and consider having your will redrafted.
Once completed, the codicil should be kept in a safe place together with your will.
Things to remember:
As when making a will, your signing of the codicil will need to be witnessed by two adults at the same time. The completed codicil will need to be kept together with the copy of your latest will. It is recommended that a copy of your latest will and codicil is kept with your solicitor, and/or trusted family member or friend who is not an executor, beneficiary or their partners.
Inheritance tax
You can save inheritance tax on your death and benefiting British Friends of the Jaffa Institute at the same time. Did you know that you can reduce the Inheritance Tax (IHT) rate charged on your estate from 40% to 36% on your death by donating to the Jaffa Institute under your will?
Legacies of all kinds to UK registered charities under wills have been long exempt from suffering deduction of inheritance tax, whether they are gifts of set sum legacies or of a share of residue of a deceased person’s estate.
Now, if the charitable gift made by will is large enough, then the rate of IHT due on the rest of the estate can be reduced from 40% to 36%. This presupposes that the estate will be subject to inheritance tax on death. The size of the charitable gift to qualify for the reduced rate is 10% of the estate. However, ascertaining whether the amount proposed to be gifted is sufficient to qualify is not straightforward if you leave set sum legacies. You can overcome these difficulties by including a provision in your will enabling your executors to make the calculation at the time of your death.
In summary:
1. If you intend to make charitable gifts in your will it is worth checking whether going for the reduced rate of inheritance tax is viable, given your and your beneficiaries’ circumstances.
2. The larger your estate, the more sense it makes to consider opting for the reduced rate of inheritance tax.
3. In some cases opting for the reduced rate means that you can save your beneficiaries’ inheritance tax and support chosen charities at the same time.
Contact us for more information on how you can help children at The Jaffa Institute