Charitable Trust Lawyers

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What Is a Charitable Trust?

Charitable trusts are meant for those who want to give a significant contribution to a charity. In return, the trust ensures that your heirs receive a large tax break.

The way it usually works is that you first set up a trust, the most common type being a charitable remainder trust. Make sure that the charity you want to donate to is recognized by the IRS and has tax-exempt status. Put any assets or property you want to donate to the charity group into your trust.

The charity will act as the trustee by deciding how to invest the property and assets in the trust. The charity will give you or a beneficiary you named a portion of the income made by investing the property and assets for a certain time period, which could be as long as the rest of your life (you get to specify the payment period in the trust document). At the end of this time period, the property in the trust goes to the charity.

What Are the Tax Breaks for Me or My Beneficiaries from the Charitable Trust?

There are certain tax breaks you and your beneficiaries can incur as a reward for you good services to charity:

How Do I Receive Income from My Charitable Trust?

There are two common methods for receiving income from your charitable trust:

Should I Consult a Lawyer when I Am Planning My Estate?

Planning your estate can be a complex and confusing process. You have many options, and sometimes it is hard to understand the benefits and drawbacks of some of these options. You may want to get help from an attorney who has experience in estate planning. Your attorney will be able to advise you of what options are available, and help you decide how to organize your estate in a manner most beneficial to you and your beneficiaries.

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Last Modified: 11-05-2013 02:40 PM PST

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