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| Trusts: |
A trust is an instrument under which property is transferred with the intention that it be administered by a trustee for another's benefit. |
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There are various types of trusts, however some of the more commonly used trusts for planned giving purposes follow.
Living Trusts
- Living trusts can be revocable or irrevocable.
- Once assets are placed in the trust you cannot take them out.
- Revocable trusts have no immediate tax benefits, while irrevocable trusts may provide certain income tax deductions.
- There may be costs associated with the operation, administration, reporting, and set up of the trust, but the donor receives the benefit of seeing the trust work during his/her lifetime. If the trust is set up properly, it avoids probate and court costs.
Charitable Trusts
- Charitable trusts are designed to use assets for the benefit of a charity or not-for-profit corporation.
- There are various types of charitable trusts. Each has its own advantages and disadvantages.
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