Some clients come to us wanting to give leave their assets to their favorite charity. While some wish to leave all of it to a charitable cause others wish to leave certain properties or assets and keep the rest for their family. Estate planning is such an amazing area of law with an array of vehicles that allow for experienced attorneys to plan for clients no matter what their needs may be. Not only is there a trust that can accomplish this specific charitable goal but it can also provide tax deductions, asset protection and provide income for the lifetime of the Grantor- that’s you! Meet the Charitable Remainder Trust.
The Charitable Remainder Trust is a great vehicle that will support your philanthropic side while continuing to provide for you and your family during your lifetime. Here is how it works: you as Grantor would transfer the property you wish to donate into the trust and designate a trustee. Typically, the charity is designated as trustee and manages or invests your assets in order to generate some income. You then will receive a percentage of the profits for a specific period of time that you choose -this will be laid out in the terms of the trust. While these assets are held in trust they remain protected against unsecured creditors, allow you to earn a tax deduction and provide you with a lifetime annual income. After you pass away, all of the assets that were held in the Charitable Remainder Trust, as well as any profits or residual interest that may have been generated, then become property of the charitable organization. There really are no losers with this type of trust. You win in a number of ways during your lifetime and then provide support to a charitable organization of your choosing upon your passing. Everyone is a winner!
If you wish to protect your assets, save on taxes, provide for yourself and your family and then leave your legacy to a charitable organization then call us today for your free consultation at (954)944-2855.
For more information on Estate Planning and Asset Protection, please visit our website at www.wfplaw.com.
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