Ways to give Legacy Leaving a legacy Over a third of all the support we provide for life saving work at the hospital is thanks to gifts left in wills to Shaare Zedek UK. Shaare Zedek is Jerusalem's success story. The research you fund is leading global thinking in how we can beat Cancer, Alzheimer's and genetic diseases. The equipment you purchase is giving our doctors the best tools available to keep people healthy. The facilities you build are helping us keep up with the demand of being the fastest growing hospital in the region, treating thousands more patients each year. Just as gifts in wills pledged in the past are supporting our work today, gifts pledged today will help us keep future generations healthy. As a hospital we understand better than most that loved ones and family come first in one's financial plans, which make the gifts we do receive so greatly appreciated. The names of our legacy supporters live on through permanent memorials in Jerusalem and in the UK. What Legacies Can Do Every pound the hospital receives makes a difference. Your legacy will ensure that we can:- Replace worn and outdated equipment Refurbish and upgrade essential life-saving areas of the hospital Provide nursing scholarships and specialised training Respond to the needs of Jerusalem’s growing population Leaving a legacy There are different types of legacies that you may wish to consider including: Cash Gift- simply state the exact amount of money you would like the charity to receive and write it into your will. This is known as a pecuniary gift Share of Your Estate- this option ensures that you can provide for your loved ones and leave a share of the remaining estate to Shaare Zedek UK. This is known as a residuary gift Specific Item- some people choose to leave an asset such as a property, shares or investments, intellectual property or an item of antique furniture or a valuable piece of jewellery Conditional Gift- all the other types of gifts can be made conditional, for example leaving a gift for someone to make use of in their lifetime and when this time has passed this gift can be passed on to the charity. Tax Benefits of Leaving a Legacy Gift Leaving a legacy gift to charity is a great way of making your Will more take efficient.If you are working with a solicitor on your Will please ensure the gift is left to Shaare Zedek UK, charity registration no. 1143272. You can specify for your gift to be used for a specific purpose at the hospital but leaving the gift to the UK registered charity ensures you benefit from all the tax benefits listed below. Inheritance Tax Under current law, if your estate is worth more than £325,000, your beneficiaries will have to pay 40% of the part of it that’s over the threshold to HMRC. So if your estate is worth £500,000, the inheritance tax charged will be 40% of £175,000 (£500,000 minus the tax free £325,000). This means your beneficiaries must pay £70,000 to HMRC. If you leave a gift to charity in your will, it can help reduce your inheritance tax bill. Your donation will either: Be taken off the value of the estate before Inheritance tax is calculated Reduce your inheritance tax rate if more than 10% of your estate is left to charity Read more at https://www.scope.org.uk/get-involved/donate/legacy/gift-in-will/tax-benefits#vhRrV6U02bvUvYXF.99 *the threshold and the rate change from time to time. To see the current figures please check the government website. Capital Gains Tax If you sell or give away something that has increased in value since you brought or were given it, then you may be subject to Capital Gains Tax. The taxable element would be the increase in value. The current tax free allowance is £11,100, so it would be anything worth more than this amount that is subject to the tax. For example, if a piece of jewelry you bought cost £12,000 at the time of purchase but has now been valued at £16,000, the increased value of £4,000 would be taxable. In terms of your Will, the value of your items will be investigated for sale or distribution and any increase in values that arise may be liable to Capital Gains Tax. Capital Gains Tax does not apply to charities, which means that when Charities are a named beneficiary in your Will the estate can benefit from reduced Capital Gains Tax.Read more at https://www.scope.org.uk/get-involved/donate/legacy/gift-in-will/tax-benefits#vhRrV6U02bvUvYXF.99 This type of tax is usually payable if you sell or give away something that has increased in value during the time you owned it. The increase in value is what is taxable. When someone dies the value of the things they own is re-established and any gains that arise during the administration of the estate (i.e. between death and sale) may be liable to capital gains tax. Executors have a tax free allowance that can be used to offset gains. See the current capital gains tax allowance (link is external). Charities are exempt from capital gains tax, so where charities are beneficiaries in a Will, it may be possible to use this exemption to benefit the whole estate. None of the information above constitutes legal advice. When planning your Will we strongly recommend you speak with a solicitor to see how the rules might affect you and your loved ones. Free will writing service Including Shaare Zedek in your Will is easy and it needn’t be time consuming or expensive to arrange A number of solicitors who are experts in estate planning have kindly offered to donate their services free of charge to write free wills to Shaare Zedek UK supporters wishing to leave a legacy gift to the charity in their Will*. Please get in touch with us for more information using this form *terms and conditions apply. Shaare Zedek do not pay for any of the Will services offered. Whichever option you chose, your legacy to Shaare Zedek UK will go a long way to help the hospital improve what it does and how it does it. It will support us discover new treatments and cures for terminal and chronic diseases. It will pioneer new surgical techniques and further the knowledge of medical science. The impact you can have on somebody's life is immense. No matter how big or small, a gift in your will makes a valuable difference. We understand that if you decide to leave a gift in your Will, it is a private matter, so we won’t ask you to tell us but if you do choose to tell us we would love the opportunity to thank you. All gifts regardless of size are greatly appreciated and will be acknowledged and honoured. If you would like more information on leaving a legacy please complete this form or call 020 8201 8933. Our Executive Director, Simi Ben Hur, will be happy to have a confidential discussion and provide you with any information you require.