Leaving A Legacy With A Charitable Trust
After our passing, the assets we give to others can stand as a testament to our memories for years to come while also changing the lives of those around us for the better. A charitable trust is one of the best ways to ensure that you are protecting your charitable wishes, and a skilled estate planning attorney can help you create one.
At the Glendale office of Gorman Law Group, PLC, we offer our clients more than 20 years of experience in estate law matters, including trust establishment. We know how serious these matters are when clients come to us for help, and we are proud to assist them in achieving their estate planning goals.
The Benefits Of A Charitable Trust
When it comes to choosing the type of trust that is right for you, what can charitable trusts offer that other trusts do not? These trusts are for donors who are looking to give charitable foundations significant assets, like valuables, heirlooms, cash and securities.
The charities that act as the recipients of these trusts do not pay any kind of capital gains taxes, which means that even if the charity sells the assets you give them, the proceeds from the sale remain in the trust and are not subject to taxation.
Charitable lead trusts (CLTs) and charitable remainder trusts (CRTs) are the primary forms of charitable trusts. CLTs provide a specific amount of the trust’s income to a charity, and any remaining assets in the trust either go to the beneficiaries of the grantor or can stay in the trust. CRTs work in the opposite manner, paying the beneficiaries first with the leftover assets going to a charity.
Getting Help To Establish Your Inheritance
If you want to be sure that you are properly creating your charitable trust, contact an Arizona lawyer you can depend on. Call us to schedule your initial consultation at Gorman Law Group, PLC or email us here to set up your free meeting with us today.