As a resident who is figuring out how you want your assets to be divided after your passing, you may also be looking into giving funds to charity. Olympia Parr Price Law, PS, is here to tell you more about how you can donate through a charitable trust.
A charitable trust is a type of trust created for the express purpose of passing money on to charities. It cannot be terminated after it’s formed, meaning you won’t be able to regain control of the money associated with the trust. It is important to know this before making a decision.
However, if you decide to put your money into a charitable trust, there are many benefits you can reap, too. For example, you can receive income from the trust and diversify your investments. You can also use the establishment of a charitable trust to provide younger generations of your family a look at why giving is so important.
There are different types of charitable trusts you can go with. For example, a charitable trust lead (CTL) allows income to be received by a charity for a pre-determined amount of time, which is up to you to decide. A charitable remainder trust (CRT) on the other hand, first makes payments to non-charitable beneficiaries who serve as the trustee. They manage the trust funds either for their entire lifetime or for a set number of years.
Are you trying to decide where your assets should go after your passing? If so, you might want to give our web page on estate planning a look. You can easily figure out what options work best for your needs and desires.