Lifetime Legacies

Lifetime Legacies are a form of split interest trust, much used in the USA (where they are known as Charitable Remainder Trusts). They allow a donor to make an irrevocable gift to a charity during their lifetime, of shares, property or cash, while retaining the benefit of the income or use of the gift for the term of their life. The donor can make deductions against capital gains tax at the time of the gift and its value is not counted as part of their estate for the purposes of inheritance tax. They are not available in the UK. (Charity Tax Group definition)