We all have issues we care about and causes that we are passionate about. But what if we can keep supporting these philanthropic passions when we are gone? As a trusted Trust Attorney in Los Angeles, Susan B. Geffan helps clients understand how a Charitable Trust can be a powerful tool for those who want to leave a positive and lasting impact on the causes they hold dear. Whether you wish to support education, healthcare, environmental conservation, or any other charitable endeavor, a charitable/non-profit trust offers a unique way to align your humanitarian passions with your estate planning goals. Let’s explore this fascinating legal instrument and its potential benefits.
What is a Charitable/Non-Profit Trust?
A charitable/non-profit trust is a specialized type of trust established for the primary purpose of benefiting one or more charitable organizations or causes. Unlike other types of trusts, which primarily focus on providing for individual beneficiaries, this trust is dedicated to supporting charitable endeavors that align with the grantor’s philanthropic vision.
How Does it Work?
- Choosing Beneficiaries: When establishing a charitable/non-profit trust, you, as the grantor, can choose one or more charitable organizations or causes as beneficiaries. These could include registered charities, educational institutions, healthcare organizations, environmental conservation groups, and more. It’s essential to research and select reputable organizations that share your values and mission.
- Funding the Trust: You, as the grantor, will fund the charitable/non-profit trust with assets of your choosing, such as cash, stocks, real estate, or other valuable assets. Once transferred to the trust, these assets are managed by a trustee appointed by you or specified in the trust document.
- Tax Benefits: One of the significant advantages of creating a charitable/non-profit trust is the potential tax benefits. Contributions made to the trust may be tax-deductible, reducing your taxable income in the year of the donation. Moreover, since the assets are no longer part of your estate, they are exempt from estate taxes, which can result in substantial savings for your heirs.
- Establishing Guidelines: The trust document outlines the guidelines and parameters for distributing funds to the chosen charitable organizations. You have the flexibility to set specific criteria for the disbursement of funds, ensuring that your philanthropic goals are met even after your passing.
- Making a Lasting Impact: A charitable/non-profit trust allows you to create a legacy of giving that extends beyond your lifetime. By supporting causes close to your heart, you can make a significant and lasting impact on the community and the world.
Contact an Experienced Will and Trust Lawyer in Los Angeles
Establishing a charitable/non-profit trust is a noble and thoughtful way to leave a lasting legacy of philanthropy. By supporting causes you care deeply about, you can make a positive impact on society and contribute to the betterment of the world. However, navigating the legal and financial complexities of creating such a trust requires expert guidance.
As a Los Angeles Trust Attorney, Susan B. Geffan is committed to assisting clients in realizing their philanthropic dreams through well-structured charitable/non-profit trusts. If you’re considering setting up a charitable/non-profit trust or need advice on estate planning matters, do not hesitate to reach out to the law office of Susan B. Geffan. Together, we can help you create a legacy that will stand the test of time and make a difference for generations to come.