Supporting Causes That Are Important to You
A charitable trust is a type of irrevocable trust that can serve two purposes. First, it can provide money for a charitable purpose. Secondly, it can provide tax advantages and income for you during your lifetime.
At Turner Law, we create charitable trusts as part of our estate planning services for clients in Decatur, the greater Atlanta area and throughout Georgia. With an MBA and a LL.M in taxation in addition to a law degree, attorney Robert Turner has the technical background to use sophisticated asset-protection and tax-planning techniques to help you and your charity gain the maximum benefit from your trust.
What Are the Advantages of Charitable Trusts?
Charitable trusts are a tax-efficient way to support a charitable cause. For example, if you have $1 million in stock that has a tax basis of $100,000, you would be taxed on the $900,000 gain if you sold the stock. However, if you donated the stock to charitable trust, you could sell the stock and reinvest the proceeds without paying capital gains tax. The tax-free reinvestment of the assets affords you the ability to earn higher a return than you would have without the addition of the tax savings. A charitable trust enables you to receive tax-free reinvestment and income for the rest of your life, while benefiting your charitable cause when you die.
Common types of charitable trusts include:
- Charitable remainder annuity trusts (CRATs) and charitable remainder unitrusts (CRUTs), in which a beneficiary receives an income from the trust for a period of time, with the remainder going to the charity.
Contact Us for a Free Initial Phone Consultation
For competent handling of your charitable giving, call lawyer Robert Turner at phone number(866) 768-5365 or fill out the contact form on this Web site. Our law office is located in historic downtown Decatur, Georgia, just off Decatur Square.