Establishing Charitable Trusts and Foundations
For many of our clients, charitable giving is a way to set an example for the family, to give back to the community, to minimize taxes and to conserve assets. There are many ways to accomplish charitable giving, but the rules can be complex.
Charitable Giving ∙ Charitable Foundations ∙ Charitable Trusts
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To make the most of your charitable giving, talk to an experienced estate planning lawyer — attorney Stuart Hamilton at the Hamilton Law Office in Sudbury, Massachusetts.
- A charitable remainder trust can provide an income tax deduction at the time the trust is established, but the income from the trust will be yours until your death and the death of your spouse or another named beneficiary. At that time, the trust will pass to the charity.
- A charitable lead trust gives the trust's income to the charity, but passes the trust to your heirs at a specified time in the future.
- By setting up a charitable foundation, you can realize a tax benefit and bring the family together in a project that will be long-lasting and provide value to the community. In many families, the charitable giving becomes a tradition that the parents, then the children and grandchildren manage.
- With any charitable giving, there are limits as to how much you can deduct in a year.
To understand the many options available for charitable giving, contact the Hamilton Law Office to discuss how charitable giving can be a rewarding part of your estate plan. Your lawyer will provide up-to-date advice and counsel about charitable giving laws and tax benefits.
