If you are estate planning, you may want to donate to a charity that is important to you, but you also want to provide for your family. Charitable trusts are a wonderful way to give to your favorite causes, and you can rest assured that you can provide for your family as well.
Types of Trusts in Georgia
There are several types of trusts available to Georgia residents, with a charitable trust being only one option. These trusts are:
- Living Trust – this type of trust is set up while you are still living, and you can become the trustee of this legal entity.
- Testamentary Trust – this trust states that it has been created by the terms of your will and effective at your death.
- Education Trust – used to fund tuition and other school-related expenses for a child, family member or other designated party.
- Burial Trust – this sets aside the funds necessary to cover burial or cremation costs.
- Marital Dedication Trust – guarantees your spouse will receive designated property at your death.
- Supplemental Needs Trust – for elderly or disabled individuals who require additional income but who want to avoid issues of qualifying for government benefits.
- Totten Trust – upon your death, a specific bank account will be passed on to your designated heir.
- Spendthrift Trust – helps those who may be mentally impaired and protects funds needed for their care without concern from creditors.
What is a Charitable Trust?
A charitable trust provides tax-free gifts for the donor. Most people name their spouse as the beneficiary, and the trust usually remains in place until that spouse’s death. After the beneficiary spouse passes, the remainder of the money in the trust is then distributed to the charity you have named. This type of trust is an excellent way to provide for the care of your spouse or other family member, while also donating to a cause you hold dear.
Experienced Charitable Trust Planning
If you are considering a charitable trust, experience matters. Turner Law has the experience necessary to draft your charitable trust to include your beneficiaries, and how to distribute to the charities of your choosing. Call us today to schedule your consultation.
Posted on behalf of Turner Law, LLC