Charitable Giving

Americans are among the most generous people on Earth, when it comes to charitable giving. Setting up a charitable trust can benefit your favorite charity after you are gone, but it can also help you while you are living.

In addition to the positive aspects of "giving back," the availability of potential tax breaks is a significant motivator for many people to become even more charitable. Various vehicles can combine current charitable income tax deductions and future estate tax deductions with the opportunity to escape capital gains and provide a possible source of increased income for the rest of your life.

For example, with a charitable trust, you may be able to assign the funds from the sale of a piece of property you own and pay no income tax on the capital gain. In fact, you could receive an income tax deduction for any charitable contributions. You might even consider naming yourself as a trustee and possibly receive a payout each year as a set percentage of the value of the trust. The charitable trust also generally avoids estate taxes when you are gone.

To discuss the many benefits of a charitable trust, contact Hilliard Olson Law and Mediation