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Giving To Charities Even After You Are Gone
Many people donate to meaningful causes throughout their lives. Charitable giving often becomes an important part of both their financial and personal values. A charitable trust can make donations easy during your lifetime and even after you pass.
At Janssen Law, PLC, your values are important to us. That is why we personalize our approach to help you craft an estate plan that best fits your wishes and interests. We can help you establish charitable trusts to benefit your preferred charities and your family in the long run. Through our responsive and cost-effective services, we work hard to reduce your worries about the future, so you can enjoy the present.
What Kind Of Charitable Trust Is Best For You?
There are two types of charitable trusts, depending on how you want to support the charity. They include:
- A remainder trust: In this kind of trust, you assign a specific amount that the beneficiary organization will receive each year. The charity will automatically receive the remaining assets when the trust expires.
- A lead trust: Similar to a remainder trust, your preferred charity receives an assigned amount of money annually. After this trust expires, however, the remaining assets do not have to go to the listed beneficiary. Your family could potentially receive the remaining amount.
No matter the type of trust you choose, charitable trusts have significant benefits outside of your donations. They can reduce both Iowa estate and gift taxes, as well as add to your income tax deductions.
How To Set Up Charitable Giving
The attorneys at Janssen Law, PLC, can guide you through the process of creating a charitable trust. The steps are as follows:
- Assess your finances to calculate how much to put into the trust. This step requires great care, as you cannot transfer money out of the trust once it is established.
- Decide who your beneficiaries will be. Research the organization and how it will spend your donations. Then, determine how it will receive funds from the trust.
- Create and sign the documents. It is beneficial to have the beneficiaries and your attorney present.
Though the steps to creating a charitable trust remain the same, there are certain financial strategies you can take to protect both your family and your remaining finances. The lawyers at Janssen Law, PLC, understand how charitable trusts work, and we can help you choose the strategy that best fits your goals.
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