By: Attorney Denis J. Regan and Paralegal Steven M. Lant
During the estate planning process, you will want to make sure your family members will have the resources they need after you are gone, and you can also make sure your wishes will be followed throughout the rest of your life. However, in the event you have substantial assets beyond the level necessary to support or assist children, you may want to consider the legacy you leave behind from a charitable perspective. Incorporating charitable giving into your estate plan is a great way of supporting causes you believe in and using your financial resources in a positive way. The most common method is to provide specific bequests to designated charities in your will/revocable trust. For charitably inclined persons with substantial resources, charitable trusts can offer a number of benefits for the organizations worthy of support, as well as you and your family members.
Types of Charitable Trusts
When you create a trust, you will place certain assets in the control of a trustee and provide instructions for when and how the assets should be distributed to your beneficiaries. This will protect your assets and ensure that they will be used properly. With a charitable trust, you can name one or more charitable organizations as a beneficiary, and assets may be donated in a lump sum or over time. Unlike living trusts, charitable trusts are usually irrevocable, and once they are created, they cannot be modified.
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