Get Paid to Give.
There are two main kinds of Charitable Trusts - Charitable Remainder Trusts and Charitable Lead Trusts. The choice between these two options depends on the benefits you seek to obtain.
Benefits of Creating A Charitable Remainder Trust:
The Trustmakers win by (a) gaining a lifetime income, while avoiding capital gains tax upon the sale of appreciated assets; (b) obtaining an immediate income tax deduction that can be carried forward for up to five years; (c) achieving a possible estate tax savings; and (d) creating a wonderful opportunity to accomplish their charitable dreams.
Charitable Lead Trusts
Both Charitable Remainder Trusts and Charitable Lead Trusts (CLT) result in gifts being made to a charity. They differ with respect to the timing of the gift. With a CLT the charity receives the trust's income and the Trustmaker (or their selected beneficiary) receives the assets remaining at the time the trust terminates.
Good things are possible for those who take the time to properly plan their estates!
Earley Law Offices assists clients with Estate Planning, Elder Law Planning, Special Needs Planning and Probate & Estate Administration in Western Wisconsin and the Twin Cities metro area, including: New Richmond WI, Somerset WI, Star Prairie WI, Amery WI, Osceola WI, Hudson WI, Hammond WI, Baldwin WI, Deer Park WI, Hastings MN, Woodbury MN, St. Paul MN and Minneapolis MN.