Working with a trust lawyer in Jonesboro is an excellent way to set up a charitable trust fund. Charitable trust funds are ideal when you choose to set up a trust where a charity (or multiple charities) is designated as the beneficiary to the trust. This is one way in which to set up your money to be inherited after you pass or simply do good in the world with a living trust. Consider the following things that a trust lawyer can help you with, as well as the benefits you should know about when setting up a charitable trust.
Tax Deductible Assets
The biggest benefit a trust fund can provide, especially a charitable trust fund, is providing the grantor of the trust many different tax deductions. During the year that the trust is created, the grantor can make income tax deductions based on the eventual value of the gifted money. Tax deductions can also be made from your estate taxes, as the funds are no longer considered part of your total estate value. This allows you to claim a lower taxable value for your estate and, therefore, pay lower taxes. There are other potential tax benefits to setting up a charitable trust, so consult a trust lawyer and tax advisor to make sure you are getting the most benefit for your money.
Providing Self-sustainable Income
Trust funds provide greater benefits for charities than any single, one-time donation no matter the value. A trust fund will accrue interest and provide additional income. Additionally, trust funds can be set up in a variety of ways including as annual payouts so the fund isn’t depleted all at once. This allows the money to gain value and provide additional assets to the charity.
If you want to set up a charitable trust fund, contact the OMG Law Firm in Jonesboro today to set up a consultation.