In a charitable trust, the property remains technically owned by the donor but the recipient keeps possession and control over it. A charity is the trustee who is free to use the money for any reason explained in the trust agreement, which is usually towards advancing the organization’s charitable mission. If you are considering forming a charitable trust, speak with a reliable Las Vegas estate planning attorney from our firm to help you set up a trust that accurately reflects your wishes.
People turn to Bowler Dixon & Twitchell LLP because we come highly recommended by past clients and our thorough understanding of the law. Our professionalism and successes in and out of the courtroom have earned our firm a Superb rating from Avvo, inclusion in the list of Super Lawyers®, and an A+ grade from the BBB. Look to our firm to handle your estate with care.
A charitable trust is an admirable means of contributing to the community while being a good way of reducing both income and estate taxes for the Trustmaker. Substantial gifts to charity can reduce the taxes the rest of your estate is subjected to when you die.
You can choose two different sets of beneficiaries for your cheatable trust:
It should be noted that there is no FDIC protection or government guarantee on charitable gift annuities, meaning if the charitable institution runs out of money and files for bankruptcy, you will lose out on any future annuity payments.
A charitable lead annuity trust gives you a means of making a large gift to charity, getting a tax break, and eventually leaving assets to family members. You can also set up a charitable remainder trust and transfer to it the property you want to donate to a charity. The charity, however, must have tax-exempt status according to the Internal Revenue Code.
The charity can serve as a trustee of the trust and manages or invests the property so it will produce income for you, and at your death, the property goes to the charity. Pooled income charitable trusts are another option which allow a charity to set up the trust and then accept donations which are much smaller than a trust founded by an individual.
Gifting to a charity needs to be done according to certain regulations and our Las Vegas estate planning lawyer is ready to help you in this process.
Speak with our firm now to discuss your wishes regarding charitable trusts—(702) 703-6998!