Charitable Trust – Granada Hills
The Joy Of Giving Is Something Worth Receiving
Charitable trusts are assets that one gives to a charitable trust to hold, the interest of which is donated to a charitable cause or a predetermined charitable foundation. Charitable trusts can work as inter-vivos where the return on the trust is received by the charitable foundation during the term of the donor’s lifetime or it works through a will, where the benefits of the trusts are received only after the death of the donor.
It is not necessary that all interest goes to the charitable foundation. Sometimes donors allow part of the interest to go to their heirs or next of kin and the other part towards charitable foundations.
Types of charitable trusts:
Under this type of charitable trust, the assets are given to the charity for a pre-determined period of time. When this period expires the assets are signed off to the charitable trust along with any interests or added benefits generated.
A lead trust is a mirror image of a remainder trusts. The property is retained by the donor and not signed off to the charity. When the trust expires, the donor may decide to share the profits with the charity or completely give it to his heirs or beneficiaries.
Why indulge in charitable trusts?
Good will! The joy of giving is something worth receiving. Let those who are less fortunate than you share in your joys while your assets prove to be life savers to them.
Tax breaks! Charitable trusts can exempt you from a number of taxes depending on the tax laws that govern your region. For example, some people, by donating to a charitable trust, don’t have to pay anything towards taxes. Taxes are heavy on stocks and shares, but with a charitable trust, a donor can get immediate federal income tax deduction. Of course this is based also on the trust’s value.
Charitable trusts are one of the most chosen investment options, not only because of the tax breaks but also because it gives a good reputation to big firms. Many a times, you are caught dumb founded in the midst of a number of legal formalities that don’t make sense to you. That’s not your fault, no one was born to understand these things which is where, we, Leventhal Law Group comes into the picture. We weren’t born to understand all of it either, but surely, we are trained to help you make better investment dealings. Allow us to assist you in all the legal paper work as also the other tasks involved in forming a charitable trust.
We understand your desire to give and to help the less fortunate or probably just give to society, and it’s our pleasure to work with you towards your noble cause.
For assistance in Charitable trusts, trust us. We at Leventhal Law Group are the finest lawyers you will find in town.