Loune- Djenia Askew Esq.
Aug 30, 2023
A Trust that allows you to donate assets to a chosen tax-exempt charitable organization. It sets up your assets to benefit you, the beneficiaries and a charity at the same time.
What is a Charitable Trust?
A Trust that allows you to donate assets to a chosen tax-exempt charitable organization. It sets up your assets to benefit you, the beneficiaries and a charity at the same time. There are two (2) types of Charitable Trusts: a Charity Lead and Charitable Remainder Trust.
Charitable Lead Trust
This fund distributes a portion of the proceeds to a charity where you will receive a charitable donation tax deduction equal to the payment. The remainder is distributed to your beneficiaries.
Charitable Remainder Trust
Charitable Remainder Trusts are irrevocable trusts that let you donate assets to charity and draw annual income for life or for a specific time period. In a Charitable Remainder Trust, a Grantor/donor transfers property, cash or other assets into an irrevocable trust. The trust pays income to at least 1 living beneficiary or a specific term of up to 20 years or the life of 1 or more beneficiaries. At the end of the payment term, the remainder of the trust passes to 1 or more qualified U.S. charitable organizations.
Contact our office at Askew & Associates, P.A. by calling 954-546-2699.
*Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.