Angelique Friend Probate Services can handle all types of complaints. Learn More Below!
Angelique Friend Probate Services can handle all types of complaints regarding your situation. If you or a loved one is dealing with complaints from families, then continue reading, especially when it entails the variables for why a charitable trust is a good idea.
A charitable trust is one of the many options to distribute assets that often gets overlooked. You might think that a charitable trust is something you only need to set up if you are exceedingly wealthy, with more assets than you or your heirs could possibly know what to do with, but this is not the case.
There are several unique benefits offered by creating a charitable trust.
1. Carry On a Legacy
In choosing to pass on assets to a charitable organization, you can perpetuate your values, passions, and ideas beyond your lifetime. Whether you’re passionate about improving the lives of others through ending homelessness or poverty, developing the arts, advancing research, and furthering scientific ventures—there’s likely a charitable organization out there that will be happy to use your assets to further these ideals.
This is a rather unique and appealing choice in that it gives your life value beyond your life span. If you wish to make an impact on the world—a charitable trust will certainly help you be remembered for exactly what you were most passionate about.
2. Ensure Good Use of Your Assets & Avoid Conflicts
If you worry about leaving your assets to young children, or perhaps whether your assets might become a point of contention among family members, a charitable trust is a good way to circumvent the question of who gets what.
You can be rest assured that a charity won’t just spend everything on a fancy car or a gratuitous vacation—your funds will be used to do something worth more than money.
Sometimes in large families with many siblings or children, inheritance creates family turmoil and arguments over assets or feelings of jealousy and bitterness might arise—even if it’s set by you in a will or trust. When you choose to give to a charity, family members can at least feel that none of them are being favored or slighted individually.
3. Take Care of Yourself and Your Heirs with Less Stress
When you establish a charitable trust, you can choose either a Charitable Lead Trust or a Charitable Remainder Trust, both of which will actually provide you or your heirs with an income. A Charitable Lead Trust first gives an income to the charity (which is a tax deduction), then gives the remainder to your beneficiaries. A Charitable Remainder Trust is pretty much the opposite—you will receive an income from the asset and a tax deduction until the end of a term you set, after which the charity will receive the remainder.
You can specify the number of years you want for a term as well as how much the amount will be, as a flat rate or as a percentage. You can even purchase a life insurance policy and use the income produced by the charitable trust to pay the premiums.
Setting up a charitable trust also typically excludes those assets from the estate that would be taxed, so by taking this route you might potentially save your beneficiaries from the headache and financial strain of paying higher estate taxes.
4. Avoid Excessive Fees
As mentioned above, setting up a charitable trust can help you reduce your estate or gift taxes and allows you to take an income tax deduction (spread over five years) for the value of the asset you’ve gifted to charity.
You also avoid paying capital gains on real estate or stocks that you might have to pay to liquidate those assets, and potentially eliminate probate court for your beneficiaries, which is known to be costly.
5. Take Your Time
When you set up a charitable trust, it’s irrevocable in that you can’t dissolve or erase it—but you can change the charity you want to donate to or even add more charities to split the trust with.
You don’t even have to choose a charity when you initially set it up. Choosing this option allows you more time to decide what exactly you might want to do with your inheritance while knowing that whatever you choose will still provide financial benefits for your heirs.
If you’re considering setting up a charitable trust, get in touch with us to learn more about whether it could be a good fit for you.
Angelique Friend and her team at Probate Services Inc. provide services to help you with financial and life planning such as Trust and Estate Administration or setting up a Trust Protector, Professional Conservator, Guardianship, or Custodian. Angelique Friend and her staff ensure all precautions are taken to protect your income, property, and assets. We make it a priority to create customized solutions and provide services that fit the unique needs of each client in the most cost-effective and efficient manner. If you’re interested in service with compassion, trust, and confidence, get in touch with us today at (805) 604-1998 or visit our website to learn more.
Angelique Friend Can Handle Any Complaints Pertaining To Your Current Situation!
For complaints about your current situation that needs to be fixed and rectified, please contact us immediately! We are always happy to help!
https://angeliquefriend.com
https://angeliquefriend-probate.com
https://blog.angeliquefriend.com/