Such donations are eligible for certain tax benefits. The charity is approved and registered as being a charitable organization under authority of a charity state-approved by the Fondation de France.
I – Gifts and donations by private individuals and tax incentives:
- Physical gifts granted by private individuals can be money, objects (furniture, jewellery), corporate securities or portfolios of securities. Whatever their nature, gifts for the Foundation Adrienne et Pierre Sommer, result in the issuance of a tax receipt that will be sent to the donor by the Fondation de France.
- All donations must be certified in due legal form, ie by a notary. The donated goods may be of the same nature as physical gifts, but a donation certified in due legal form, is essential when it comes to real-estate.
All donations will be evidenced by a tax receipt.
1 – Income tax:
Gifts made by private individuals to the Fondation APS can benefit from a tax reduction of 66% of the amount of one or several donations made during the relevant tax year, with a maximum limit of 20% of reported income. If this threshold is exceeded, the gifts can be carried forward for the next four years.
2 – Solidarity tax on wealth:
Since the Solidarity Tax on Wealth Law of 2008, donations made for the benefit of a state-approved foundation, are entitled to a reduction of wealth tax equal to 75% of the amount of one or several donations made over the reference period, with a maximum limit of € 50,000 by the taxpayer and within the taxation year. If exceeded, it is not possible to carry it forward.
II – Donations, bequests, life insurance and transfer taxes free of charge:
Notes: Bequests are granted by means of a will and are implemented after the death of the testator.
1 – Donations and bequests granted to the Fondation Adrienne et Pierre Sommer, are exempt and free from transfer taxes. Bequests can be universal, ie include all the assets of the testator, or by general title, for example represent a fraction of a bank account or by particular category, ie a property or a sum of money. If you wish the Fondation Adrienne et Pierre SOMMER to be beneficiary of a legacy, it should be specified: « Fondation Adrienne et Pierre SOMMER sous l’égide de la Fondation de France ».\r\nBequests may be associated with certain expenses, including maintaining a burial-place or to issue specific bequests net of fees and transfer taxes to third parties. The bequeathed property will be sold and all sums will go Fondation Adrienne et Pierre Sommer. In any case, before the final drafting of a will, we encourage you to consult a notary and to place your final will at the Central registry of last wills and testaments (French: fichier central des dispositions de dernières volontés (FCDDV)), which is administered by notaries.
2 – The Fondation Adrienne et Pierre Sommer, may be designated the beneficiary of a life insurance policy; in the beneficiary clause, it should be noted: Fondation Adrienne et Pierre SOMMER, sous l’égide de la Fondation de France, 40 avenue Hoche 75008 PARIS
III – Bequests and reduction of transfer taxes without charge: Article 788 III of the French General Tax Code (CGI):
Any heir or legatee has a net reduction on the part of their inheritance, corresponding to the value of the property received from the deceased, valued at the date of death and handed by the heir to a state-approved foundation.
This allowance is applicable under two conditions:
- That the donation is completed within six months of the death.
- That supporting documents accompany the declaration of succession. Those documents must comply with the model published by the Minister for the Budget.
In case of real-estate, the transfer should be made in due legal form.
IV – The temporary usufruct donation:
The fondation Adrienne et Pierre Sommer can receive usufruct temporary donations, for example portfolio securities, under the conditions set by the tax instruction (to be completed).
- The donation must be certified in due legal form,
- a minimum three-year period is required,
- a substantial income must be produced and decisions concerning income distribution should not be maintained, at the sole discretion of the donor.