Your Revocable Living Trust Can Help Your Favorite Charity
You can use your revocable living trust to make gifts that benefit the organizations you support. Gifts can be distributed according to the instructions you have left in the trust. Such gifts are 100% deductible for federal estate tax purposes. You can even leave funds to charity but have lifetime income paid to a family member... with excellent tax results. Any trust payments to charitable organizations during your lifetime can be deductible as a charitable contribution on your personal income tax. Lifetime gifts. You can direct the trustee of your trust to make charitable contributions - gifts that will entitle you to deductions on your personal tax return. Distributions at death. Your trust can accomplish important gifts at death by directing that your charity receive particular assets, an amount of cash, or a percentage of your estate - in the same manner as by will. Income for family members. You can direct that part or all of your living trust be transformed at death into a "charitable remainder trust" that will make payments for life to a family member, with significant benefit for our future. Such a gift can save estate taxes that may actually leave your survivors more secure financially. Our clients' favorite charities include:- Arizona Cancer Society
- Arizona Humane Society
- Arthritis Foundation
- Hospice of America
- National Breast Cancer Foundation
- Phoenix Children's Hospital Foundation
Irrevocable Living Trusts... for Family and Better Health
You can also establish an irrevocable living trust that will benefit you, your family and the Arthritis Foundation - for many generations to come. One popular plan is the charitable remainder unitrust, an arrangement in which you irrevocably place money or property with a trustee, with instructions to pay someone (probably yourself) income for life. The income will be a set percentage of the trust's value, which may change from year to year. When the person receiving the income dies, the property remaining - the "remainder" - can pass to the charity. By designating a charity as the remainder beneficiary you will provide yourself with an income tax charitable deduction. And that's not all. Depending on your planning needs, you can arrange for: increased income for your family; capital gains tax avoidance; tax-free income; deferral of income until retirement; estate tax savings; support for a friend or relative; professional management of your funds; a hedge against inflation and reduced estate settlement costs. A charitable remainder trust can also be established through your estate plan, providing lifetime income for family members, estate tax savings and a gift for your charity.Read more articles: Choosing Medical Power of Attorneys
Choosing Guardians for Children
Community Property in Arizona
Revocable Living Trusts to Protect Your Family
Estate Planning for Pets
