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Trusts for Every Need
If your family has a fondness for giving, or if you plan to pass on the fruits of your life's labor to younger generations, you may want to employ a giving strategy that relies on trusts. Trusts can help increase the benefits to both the giver and the receiver. Cut
Probate Costs Reduce
Taxes One popular strategy involves transferring assets to a specific type of trust that pays an income to the donor for life (or the joint lives of the donor and his or her beneficiary). After the donor's death, the assets in the trust belong to the designated charity. The potential tax benefits here are three-fold: (1) Assets placed in the trust may be partially deductible for income tax purposes. (2) Any appreciated assets become exempt from current capital gains taxes. And (3) trust assets are no longer considered part of the donor's estate for estate tax purposes. Before implementing a strategy involving trusts, you should consult an experienced estate planning professional. Call today to learn how the appropriate giving strategy can help improve the quality of your gifts and possibly your tax situation. 1) Investor's Business Daily, January 3, 2005 |
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Americans
love to give. Whether it's to family or charity, many Americans make a habit of
giving during their lifetime and cherish the thought of leaving a lasting
legacy. In fact, U.S. charitable giving is about $250 billion per year, rivaling
the gross annual economic output of such industrialized nations as Sweden and
Switzerland.¹
