Do you have a favorite organization that you would like to leave money to and still enjoy some tax advantages for you and your heirs? Then you should consider setting up a charitable trust.
The benefits of a charitable trust:
· You can take an income tax deduction for the value of your charitable gift over the next five years.
· Upon your death, the trust property goes to the charity – since it is no longer a part of your estate, it is not subject to estate taxes.
· Appreciated property can be turned into cash without paying capital gains tax on the profit.
· You can receive income from the trust during your lifetime, via either a fixed annuity or as a percentage of the trust assets.
To learn more about setting up a California charitable trust, contact our Irvine estate planning law firm.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.