Charitable Foundations & Trusts
Planning with charities allows you to designate the use of funds for specific or general charitable purposes. It can also provide significant tax benefits to your family. A private charitable foundation is a tax exempt organization funded by a family or a family business that is required to distribute 5% of its assets annually to other charities. These types of foundations are not only great tools to benefit charities, but also instill philanthropic values among family members, including the young members of a family.
Split interest trusts allow you to make gifts in irrevocable trusts to charities and to family members. Charitable lead trusts generally provide a fixed income amount or percentage to charities for a term of years and at the end of the term, the balance of the assets pass to family members. Charitable remainder trusts generally provide for a fixes income amount or percentage to family members for a term of years and at the end of the term, the balance of the assets in trust pass to charity. Charitable lead and remainder trusts are effective tools to benefit both charities and families.
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