A devotion to building a family, establishing your career, and giving back are cornerstones of a life well-lived and a great legacy. However, you want to be sure your commitment to charitable giving can be carried on into the future and you may be seeking effective ways to establish a strong legacy for generations to come.
One tried and true approach to making a difference is through the power of charitable trusts in estate planning. Oftentimes, philanthropy is an important aspect in the creation of an estate plan, so individuals can leverage their financial success for the greater good of their most cherished organizations and causes.
With dual benefits in the form of tax advantages for an individual’s estate, a charitable trust can be a practical and compelling tool to achieve your personal goals in legacy planning, but what is it and how can it be used?
San Diego Estate Planning
San Diego Estate Planning
Dive into the world of estate planning with this quick and straightforward video…
How Charitable Trusts Work
Legally, a charitable trust is a structure that allows a portion of your assets to be donated to a charitable organization while providing your estate with a tax efficient strategy in the process.
Mainly, there are two types of charitable trusts you can choose between, depending on the needs of your estate. These are Charitable Remainder Trusts (CRT) and Charitable Lead Trusts (CLT). Each offers distinct benefits and features for sharing your wealth.
These trusts are irrevocable, which means that once your assets are transferred into the trust, they no longer belong to you. Instead, they are managed by a Trustee who is designated to follow through on giving back to the community, according to your wishes.
Typically, setting up a charitable trust and selecting a charity is done with a specialized attorney to guide you through the estate planning process, to help you navigate all the legalities in accordance with the laws in the state of California.
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Part Of Your Larger Estate Plan
By incorporating a charitable trust into estate planning, you not only safeguard your ideals for charitable giving, you benefit from substantial financial and tax planning advantages as well.
While a living trust provides you with asset protection, tax benefits, and family security by avoiding a lengthy probate process for your chosen beneficiaries, a charitable trust enables you to leave a lasting legacy that extends to causes you truly care about.
Although careful planning and legal guidance are essential, the potential benefits for both you and the charities dearest to you can be fully maximized. Hatley Law Group in San Diego, CA has the knowledge and experience to assist you with all of your estate planning needs. For more information on charitable trusts, contact us today.
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