Many Mobile area residents find it important to give back to others. Whether it be through their time or donations, area nonprofits always appreciate the help. Another way to help a favorite charity is to include it in your estate plan.
What is a charitable remainder trust?
Including charities in an estate plan is a way to leave a lasting legacy. Planned giving is a wonderful way for you to support your favorite charities upon your death. A charitable remainder trust is one way to give to charity. Money is put into a trust which the trustee uses until their death for living expenses. Upon their death, the remainder of the trust is given to the charity. While they are living, the donor receives a tax-free income stream for terms of years or life.
What are the benefits of a charitable remainder trust?
There are many reasons why you may want to support a favorite charity upon your death. The tax advantages of such a plan and being able to leave a legacy are two ways in which a charitable remainder trust may be a good estate planning tool.
A legal professional who is skilled in estate planning can help you with all of your estate planning goals. Whether you already have an estate plan or need to create one, there are many tools available. If you are interested in supporting your favorite charities and leaving a legacy for generations to come, a charitable remainder trust can also be discussed. A charitable remainder trust is a popular option for many Mobile residents to help maximize their estate planning strategy and align with their values.