Charitable Trust Attorney Helping Clients Support Charities in Forsyth County, GA
Everyone wants to protect their family and provide for their loved ones and knowing they will be taken care of after you pass away is equally important. Another way of preparing for the future is thinking of your favorite charitable organization that could benefit from a steady income that you can provide. A charitable trust fund gives you the chance to do just that, as well as protect your family from unnecessary taxes.
When you think about estate planning, you should speak with Estate lawyers serving Georgia residents who understand Georgia law and will take the time to develop the right estate plan according to your needs and situation. Attorney Mike Bascom has a deep understanding of estate law in Forsyth County, including creating charitable trusts. He will listen carefully and compassionately to you and work with you to decide if a charitable trust is right for you. If you choose to create a charitable trust, you can enjoy the peace of mind that you are giving back and helping make the world a better place, not only for your family but for many others as well. Reach out to us today at 770-285-5493 to see how we can assist you with the estate planning process and help you create a charitable trust.
What is a Charitable Trust?
A charitable trust is one way to distribute your assets using generous donations after you pass away. It gives you the option to select a charitable organization you would like to help financially. Rather than bestowing an amount of money in one gesture, you would be providing that group or institution with a steady income over a period of time. Additionally, a charitable trust can include a spouse or family member who you want to support while they are alive.
Charitable trusts are ideal for many individuals because they allow them to give back to the community while simultaneously protecting the person’s hard-earned wealth from unnecessary taxation. This can make a massive difference to beloved family members after you are gone as it can maximize the amount of your estate that is kept within the family. If you think a charitable trust is right for you, reach out to us right away to discuss the details of how your trust will be organized. Our estate planning attorney is highly knowledgeable about Georgia law and can help you create a unique trust that meets your needs.
Who Can I Include in My Charitable Trust?
You may include more than just the charity of your choice in a charitable trust fund. Your spouse, children, and other beneficiaries may receive from the trust in accordance with your wishes. This is an excellent way to protect your family and specify how you want your estate distributed after you die.
When any beneficiaries included in the trust pass away, the remainder can go to the institution you prefer. Charitable funds are very flexible in how they can be set up, which can be overwhelming. Please get in touch with us today if you are thinking of establishing a charitable trust fund as part of your estate plan and let us help you through this tricky process.
Can a Charitable Trust Help Minimize My Taxes?
The short answer to whether a charitable trust can minimize your taxes is yes! We recommend that many of our clients make part of their estate a tax-free donation through a charitable trust. While we can’t give tax advice online, we can state that we generally find trusts a perfect way to reduce the amount of taxes on your estate after you die. They are also useful if you have a highly appreciated asset that you are looking to sell and want to reduce the tax hit.
Just because Georgia doesn’t levy an estate tax doesn’t mean your family won’t pay taxes on what you leave for them. If you own assets in another state, you could end up paying taxes in that state. All estates are also eligible to be taxed by the federal government. You worked hard all your life for the wealth you are leaving your children and grandchildren. Don’t let it be wiped out unfairly by tax collectors! For more information on how a charitable trust can help you avoid having your estate decimated by inheritance taxes, please reach out to us.
Should You Hire Our Charitable Trust Lawyer?
If you believe in giving back to the community and helping others, you may appreciate being able to continue to do so even after your death. Your hard-earned wealth should be spent how you feel comfortable, and a wonderful way to do this is by setting up a charitable trust. These trusts can benefit your family as well when you name them as beneficiaries, including protecting them from unnecessary taxation.
With all the choices available to you in estate planning, you may be concerned that you won’t have the complete protection you need. This is why we recommend anyone doing estate planning first speak with a legal professional like attorney Mike Bascom and his skilled legal team. We are happy to be your guide through this challenging process. We will listen to your concerns and ensure that your estate plan meets your family’s needs both now and in the future. We will also explain all your choices to you in terms that you understand so you can be an active participant throughout the process.
Please get in touch with us right away if you have any questions about charitable trusts or any other aspect of estate planning. We can be reached at 770-285-5493, where you can schedule an appointment to go over the details of your situation and answer any questions you may have about charitable trusts or any aspect of your estate plan.