Andrew Beeforth’s latest Cumbria Life articlesee also the website http://www.cumbrialife.co.uk
January 2009
When times are hard, we all feel less inclined to give money to charity even though that’s when it’s needed most. But what happens when you no longer need your money?
Did you know that 75% of people in the UK don’t have a will? What can happen if you don’t make a will is that some or all of the money ends up with the tax man!
So why am I talking about this in my charities column? Well the simple answer is that all bequests to charities are exempt from inheritance tax. So whether you support a particular charity or not a really compelling reason for leaving a charitable bequest in your will is to reduce your tax liability and stop the tax man getting his hands on your money.
Of course people’s first and natural priority is to make provision for family and friends in their wills.
But have you ever sat down with your family to discuss with them what you’d like to see happen as a result of your will or how you might do something that creates a lasting personal memorial to you and the causes you care about?
Now I can’t claim to have the powers to extend human life, but interestingly statistics show that people who leave money to charities in their wills live longer than those that don’t.
We have at the Community Foundation a number of grant making funds which carry the names of people. All of them were created by loved ones following their deaths and all for specific purposes.
You don’t have to be Bill Gates to make a difference. All charities will be delighted to receive a legacy of any size. It’s important to speak to solicitor when drawing up a will to ensure that what you intend is what actually happens after your death. It’s relatively simple to set aside a sum for a charity or charities, perhaps only leaving money to charity once all your other commitments have been met. It’s also important to review your will and to keep an eye on the charities you wish to
support.
Cumbria has benefited greatly through legacy gifts to charities. In north Cumbria a lady called Joyce Wilkinson died and left her estate to create a charitable trust to benefit the causes and the community she cared most about. George Kipling, a farmer from Burgh by Sands left his entire estate to charity, supporting the hospice and air ambulance and creating two funds at the Community Foundation which benefit older people and children and young people’s projects in the county. The National Trust and Wildlife Trust have been able to build their land holdings through legacy gifts, preserving valuable landscapes and habitats for wildlife and public enjoyment.
Where people struggle, and where the Community Foundation can help, is when people have specific interests or communities they’d like to support. A fund at the Foundation can encapsulate their wishes and be guardians of their interests into the future.
I’d like to leave you with a quotation from an unnamed Greek philosopher:
When someone plants a tree under which they will never sit, then you know that civilisation has come to that land.
Wishing you all a long and happy life and a prosperous new year.
Contact: http://www.youngenterprisenw.org
Cumbria Grassroots Endowment Challenge Update – Year two begins
The Grassroots Endowment Challenge is seeking to raise money to build permanent grant making funds at the Community Foundation. What’s better is the Government is matching all local donations. These permanent funds are invested and the income used to make grants to local charities – in perpetuity. We welcome donations of all sizes to our main Cumbria Fund and for people able to donate larger sums they can create their own fund.
We’re seeking to raise £1m by March 2011. Year two of the appeal has got off to a good start with a donation of £10,000 from the steel stockists Thomas Graham. Thomas Graham is building a grant fund to support children and young people’s activities throughout Cumbria.
How the scheme works
For every £2 you give the Government will add £1 through the Challenge. If you pay tax and use Gift Aid then £2 becomes £2.56. Add in the match and the fund receives £3.82.
For more visit www.cumbriafoundation.org
© Copyright 2009 Cumbria Community Foundation
All rights reserved 28/05/2009
Registered charity 1075120
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