If you are interested in creating a legacy, a Charitable Trust may be the estate planning solution you need. The trust can be funded during your lifetime or at death and will provide you or your estate with a tax benefit and the satisfaction of helping an organization(s) in whose goals you believe.
The advantages of a Charitable Trust include
· Income and Estate Tax benefits.
· Providing a long-term benefit to one or more of your favorite charities.
The Charitable Trust can be tailored according to your wishes. You can choose the types and numbers of charities that will benefit as well as how they are to receive their distribution.
In addition, there are different charitable trust arrangements from which to select.
Charitable Remainder Uni-Trust (CRUT)
A CRUT permits the grantor to retain an interest in the trust during their lifetime or for a set number of years. At death, the trust is paid to a charity or charities of the grantor’s choice.
Charitable Lead Trust (CLT)
A CLT pays out to charities during the lifetime of the grantor and after a period of time or at death, the assets are paid out to individual beneficiaries named by the grantor.
Contact The State Bank to discuss charitable trust planning. We will work with your estate planning attorney and/or CPA to determine the charitable trust that best meets your goals.