Establishing a Charitable Trust
Are you a die-hard fan of the Georgia Bulldogs? Do you want to make a significant impact on the lives of student-athletes at the University of Georgia, Georgia Tech or some other institution? How about supporting the Children’s Hospital of Georgia at Augusta University? Establishing a charitable trust is a great way to benefit your favorite organization and help continue its vital work.
Attorney Robert Turner at Turner Law in Decatur shares more about charitable trusts. GO DAWGS!
What is a Charitable Trust?
A charitable trust is a legal arrangement that allows you to donate assets to a charitable organization, such as the University of Georgia Athletics Association or some other cause. The trust is managed by a trustee, who is responsible for investing the assets and distributing the income to the charitable organization.
The benefits of establishing a charitable trust are many. Not only do you have the satisfaction of supporting a cause you care about, but you may also receive a tax deduction for your donation. In addition, a charitable trust allows you to maintain control over your assets during your lifetime while providing for the needs of your benefitting organization in the future.
How to Establish a Charitable Trust
To establish a charitable trust, Estate Planning Attorney Robert Turner can help you follow these steps. He can also explain more in a confidential consultation.
Choose the Type of Trust You Want to Establish
There are two main types of charitable trusts:
- A charitable lead trust
- A charitable remainder trust
A charitable lead trust provides income to your charity for a specified period of time, after which the remaining assets are distributed to your beneficiaries. A charitable remainder trust provides income to your beneficiaries for a specified period of time, after which the remaining assets are donated to the charity.
Select a Trustee
The trustee is responsible for managing the trust and investing the assets. You can choose an individual or a financial institution to serve as trustee.
Draft the Trust Agreement
The trust agreement is a legal document that outlines the terms of the trust, including its purpose, the trustee, the beneficiaries and the distribution of assets.
Fund the Trust
You will need to transfer assets, such as cash, securities or real estate, to the trust.
File the Necessary Paperwork
You will need to file the appropriate paperwork with the IRS and state authorities to establish the trust and receive any tax deductions.
Atlanta, GA, Charitable Trusts Attorney
Establishing a charitable trust to benefit the Georgia Bulldogs or any other organization is a great way to support a cause you care about while also receiving tax benefits and maintaining control over your assets. Robert Turner is a highly qualified attorney and financial advisor who can help you create a trust that meets your specific needs and provides for your favorite charity.
Contact Turner Law in Decatur, Georgia, near Marietta, for estate planning help, including charitable trusts.
Posted on the behalf of Turner Law, LLC
