Charitable motivations and intentions are an important part of estate planning for many clients. These intentions can often be carried out in a way that mutually benefits one or more charities as well as family and friends. In other words, your charitable intentions can serve a public good while still serving the needs of your loved ones.
By establishing charitable trusts, Bennett Law LLC, is able to help you achieve your charitable goals while minimizing the taxes with which your estate will have to contend. There are two types of trusts commonly employed to serve people’s charitable estate planning needs:
- Charitable remainder trusts — A charitable remainder trust allows you to provide a benefit to an heir for a period of time, with the remainder going to a charity or charities at the end of that period.
- Charitable lead trusts — In a charitable lead trust, a charity would be the recipient of an annual payment for a set period of time with the remainder going to an heir or heirs upon the elapsing of that time period.
In addition to trusts of these types, Bennett Law LLC, also assists with the establishment of private foundations, including providing counsel regarding their operation.