Family charities or foundations can be an ideal solution for families with philanthropic objectives. They provide the framework for those who wish to substantially give to charity or wish to make substantial gifts to charity by their Will.
Charitable giving has a variety of tax benefits to include the following:
There are of course many reasons to give to charity beyond the tax benefits. By setting up a family charitable trust or foundation you are able to act as a trustee of the charity and play a bigger role in how the charitable funds are spent.
The charity or foundation can be set up with a specific purpose in mind or to achieve a variety of charitable objectives throughout the generations of your family. If a family legacy is your ambition, then a trust or foundation will enable you to involve your children who may not yet have the funds to give substantially.
If you are interested in setting up a charity or need any advice on your existing charity, please contact Parker Bullen LLP on either 01264 400500 (Andover) or 01722 412000 (Salisbury) and ask to speak to a member of the Private Client team.