Currently, estate duty is levied at a rate of 20% on assets exceeding R3.5-million in the estate at the time of the donor’s death. One way to avoid paying estate duty is by leaving a legacy to an institution such as St Mary’s School. Charitable legacies of this nature are deducted from the value of the estate before duty is calculated.
It is best to consult with your attorney for advice if you plan to make a charitable gift to St Mary’s in terms of a will.
Should you have any queries or wish to discuss leaving a legacy further, email Lisa Grobbelaar, head of the Foundation, at email@example.com to make an appointment.