Many people have causes that are close to their hearts and line up with their values. They volunteer their time, their voices, their emotions, and their money to further these causes. Many people want to leave a legacy by leaving property to charities they identify with. If you are interested in exploring how you can incorporate charitable giving into your estate plan, contact Viloria, Oliphant, Oster & Aman L.L.P. today.
A Charitable Trust May Meet Your Goals
Trusts are legal agreements in which a person transfers the title of his or her property to a trust, which is managed by a third party trustee. This trustee is responsible for holding, managing, and distributing the property to beneficiaries as specified in the trust agreement. The benefits of a trust include control over the timing and method in which your beneficiaries receive your property, saving money by avoiding probate, and tax advantages if the property you transfer is no longer part of your taxable estate at the time of your passing.
If you are interested in leaving property to charity, trusts are an innovative and versatile mechanism to consider. A charitable trust allows you to use property to provide for both your loved ones and to charity. There are essentially two types of charitable trusts: a charitable lead trust and a charitable remainder trust.
- Charitable Lead Trust. A charitable lead trust is one in which you transfer property to a trust. For the time specified in your trust arrangement, this property will be used to provide financial support for your charity. This could be a specified number of years or upon your passing. When this period has been reached, the remaining property in trust will be transferred to your beneficiaries.
- Charitable Remainder Trust. In contrast to a charitable lead trust, a charitable remainder trust provides income to your beneficiaries over the period specified in the arrangement. At the end of that period, the remaining assets will be transferred to your chosen charity.
Contact the Estate Planning Attorneys at Viloria, Oliphant, Oster & Aman L.L.P.
If you are interested in discussing your estate plan and exploring your options, contact Viloria, Oliphant, Oster & Aman L.L.P. Our attorneys are smart, detail-focused, and will provide custom tailored options that fit your intentions. We understand the law and want to provide you with the tools you need to make confident decisions about your estate. Call Viloria, Oliphant, Oster & Aman L.L.P. today at (775) 210-8178 to schedule a consultation or contact our office through our website.