Legacy


Maharishi School


legacy

knowledge is structured in consciousness

IN THIS SECTION


Thank you for thinking about leaving a gift to Maharishi School

Every student at Maharishi School is important for this country and the world’s future. In fact, School alumni are already making a difference whether it is helping to shape Government policy on the environment, playing a leading role in the TM organisation’s development internationally, conducting research at the frontiers of science, or returning to Maharishi School as qualified subject teachers to inspire the next generation of students.

If you choose to support the School in this way you will enjoy the fulfilment of knowing that you are making a lasting contribution to both Consciousness-based Education and to peace and prosperity in the world.

Planning ahead

Whether you’re making a will for the first time or simply changing an existing will, it’s easier than you might think to leave the School a gift.

Of course, family and friends will be your first priority. But once they have been provided for you can also leave a gift to the next generation – and many generations to come – when you remember Maharishi School. Leaving a gift in your Will to charity is free of inheritance tax and may reduce the inheritance tax rate paid by your loved ones.

Taxman or Charity? – Gifting can be very economical if you think you have a taxable estate

You might think that your estate would never be over the Inheritance Tax threshold of £325,000 but with the value of property these days you might be surprised. By planning ahead, you can choose between leaving your money to the taxman or to a charity whose work you support. Government inheritance tax policy can change so we recommend that you speak to your lawyer, accountant or other professional for advice.

Current Government policy strongly encourages gifting to charities in your Will. The following table provides a simple example of how this works:

Without charitable donation
Gross Value of the Estate £500,000
Less: the Inheritance Tax allowance £325,000
Net Value of the Estate on which the legacy donation is calculated £175,000
No charitable donation £0
Taxable Estate £175,000
Less: Inheritance Tax @ 40% £70,000
After-tax value of estate (including the exemption) £430,000

 

With charitable donation
Gross Value of the Estate £500,000
Less: the Inheritance Tax allowance £325,000
Net Value of the Estate on which the legacy donation is calculated £175,000
Less Charitable donation @ 10% £17,500
Taxable Estate £157,500
Less: Inheritance Tax @ reduced rate of 36% £56,700
After-tax value of estate (including the exemption) £425,800

 

The result is that a £17,500 donation to the School in the above instance only costs the estate £4,200. This is because the current Government incentive to encourage legacy donations includes a drop of the inheritance tax rate to 36% if the donation in the Will is 10% or more of the taxable estate.  This applies to any estate with a value of over £325,000.

How do I make or change a Will?

Wills are useful because they let you decide who receives your estate instead of the Government deciding for you. But many people are put off making or updating a Will because they believe it will be difficult or expensive. However, making or updating a Will has never been easier, and it needn’t cost much.

Maharishi School does not endorse any particular Will provider, but if you don’t already have a solicitor and need help finding one you feel you can trust, here are a few options you might like to explore.

Local Solicitor

If you would like to use a local solicitor, the ‘Find a Solicitor’ facility is available on the Law Society website, www.lawsociety.org.uk/findasolicitor . This allows you to identify local solicitors in your area and choose the one you are comfortable dealing with.

The Co-Op offers a Will writing service for a very reasonable fixed fee. Details can be found at:

www.co-operativelegalservices.co.uk/making-a-will or telephone 0843 770 6212

Which? Wills is another fixed fee service you may consider. This is a web based service found at www.whichwills.com

 

To prepare for either a conversation with a solicitor or the completion of an online application you might like to think about and then jot down the following information in advance: what is my estate (property, shares, etc.), who would I like to include as beneficiary, which charity would I like to support and who I would like my executor to be.

You could also consider whether you would like your charitable gift to be either pecuniary or a residual; With a residual gift, you can decide to leave the remainder of your estate or a percentage of it once family and friends have been taken care of.  With a pecuniary gift, you can specify a particular amount of money that you would like to leave to Maharishi School.

How can I find out more information?

Just get in touch whenever you are ready. Our Gifts team are always happy to answer any questions you may have. You may reach out to us in confidence either by phone, email or letter.

email: giftsteam@maharishischool.com

phone: 01695 729912 and ask for someone from the Gifts Team to call you back

letter: Gifts team, Maharishi School, Cobbs Brow Lane, Lathom, Lancashire, L40 6JJ

Registered Charity number: 517958