A Truly Lasting Legacy!
Richard (Dick) Whittington (c 1354-1423) used a trust to create a charity for the elderly which still exists to this day.
He was a medieval merchant and a politician. He was Lord Mayor of London four times, a Member of Parliament and a sherrif of London.
In his lifetime Dick Whittington financed a number of public projects, such as drainage systems in poor area of medieval London, a hospital ward for unmarried mothers. He bequeathed his fortune to form the Charity of Sir Richard Whittington which, nearly 600 years later, continues to assist people in need.
A charitable trust/foundation can be set up by anyone who has decided that they want to contribute some of their assets or income for charitable causes.
The trust is governed by a trust deed which includes the charitable purposes that the trust will work within. As a charity, it operates tax-free and individuals can obtain tax relief on donations.
Setting up a charitable trust can give you a framework for planning your charitable giving and a greater say in how the money you give is directed to the causes that you want to support.
1. CHARITABLE GIVING:
A charitable trust will provide a structure for your charitable giving. It gives you the opportunity to have greater involvement in how the money that you give is used by the causes that you want to support.
2. NAME YOUR LASTING LEGACY:
You have the choice what to name your charitable trust, so it can be in your family name or that of someone you want to honour or remember, or be totally anonymous.
3. TAX BENEFITS:
As well as being able to receive money through tax-efficient giving methods – including gift aid, payroll giving or shares, it will not pay income tax, capital gains tax or inheritance tax. You can also receive tax relief on any money you pay into it. .
4. EMPLOYER CONTRIBUTION:
If you are employed, and your employer has a scheme where they will match your donations to charity, for example through payroll giving, you may be able to take advantage of this to make your charitable trust even larger.
5. LAST FOREVER:
The charitable trust can continue after your death, and may benefit from a legacy from your estate which will also be tax-free. The trustees will continue to distribute funds according to the guidelines set out in the constitution. This way you can make sure that your chosen causes continue to benefit. It really is a lasting legacy because a charitable trust can run indefinitely