September 13th is the International Will's / Legacy Giving Day. The opportunity to reflect on the possibility of handing over (part of) your inheritance to Beyond the Moon. By doing so, you contribute to the continuation of our activities in favour of seriously ill children and their family members.
Information for Belgian residents: Since 1 July 2021, the duet legacy in Flanders has generally become less attractive from a tax point of view. However, in the Walloon Region and in the Brussels-Capital Region, the duet bequest (still) remains possible and offers a very interesting alternative. In Flanders, the rates can go up to 55%, in the Walloon Region as well as in the Brussels-Capital Region, they can go up to 80%. Therefore, should a will be made in favour of siblings, a distant family member or friends, a significant amount of inheritance tax will be paid to the Belgian State. On the other hand, the inheritance tax rates in favour of a charity are lower. To date, this rate stands at 0% in Flanders and 7% in the Walloon Region and the Brussels-Capital Region.
You have the possibility to bequeath a sum of money to our charity. With a duet bequest, Beyond the Moon will pay the inheritance tax, not only on the legacy it received, but also on that of the other heirs. Thanks to this testament disposition, the heirs will receive more and the charity will also receive a donation, which helps give a boost to charities.
The Flemish government has initiated a reform of inheritance and gift taxes. These changes entered into force on 1st July 2021 and apply to all open inheritances in the Flemish Region from that date. If you have already made a will with a duet bequest, that does not mean that your will is no longer valid, but it changes the way in which inheritance tax will be calculated. The duet legacy remains legally possible, but the tax incentive disappears.
To date, charities established in Flanders, such as Beyond the Moon, no longer have to pay inheritance tax on donations or sums bequeathed by will - previously the rate was 8,5% (inheritance) and 5,5% (donation). And this is also the case for donations made to a charity during his/her lifetime. The Flemish government thus emphasises the added value of organisations, such as Beyond the Moon, and these donations can be fully spent for the purpose for which we were founded.
Consult a notary for personalised advice. Contact us if you are considering this way of helping us.