When it comes to trusts, there are various options on the table for many people, from special needs trusts (which we have discussed on this blog) to spendthrift trusts and many more. It is important for you to pinpoint the type of trust that will match your needs the most and this can be tricky since there are many factors that may need to be reviewed. Moreover, the ins and outs of each type of trust can vary quite a bit and some offer unique advantages. In this post, we will look into charitable trusts.
Setting up a charitable trust can be helpful for someone who wishes to support an organization. Moreover, doing so can provide a sense of accomplishment and fulfillment throughout the rest of one’s life. Aside from these positive feelings, charitable trusts can be advantageous for other reasons. For example, they may help in a number of ways with respect to taxes. For example, some people who have set up a charitable trust have been able to take advantage of a significant tax break.
We understand that people may have uncertainty when it comes to creating a charitable trust (or any other type of estate plan). It can be hard to settle on a particular option and you may have a variety of questions. With such an important endeavor, however, it is essential to have confidence in the route you choose. Our page on trusts and wills covers more related to charitable trusts and other estate planning issues.