Long Island Charitable Trusts Lawyers Helping Clients Give Back
Also Serving: New York City
You have worked your entire life to build your wealth, and when it comes time for estate planning, you hope to pass on some of that legacy as you donate generously. You can achieve your dream by starting a charitable trust and providing income for charitable organizations of your choice.
In a charitable trust, you can still pass on an inheritance to your heirs and simultaneously give to your preferred charities. Charitable trusts can be complicated to set up, however. We recommend speaking with a trusted legal representative right away if you are considering starting a charitable trust.
What Does a Charitable Trust Do?
Charitable trusts can have many functions. One of the great benefits of using trusts in your estate plan is gaining control over how and when your money is distributed. You can choose a trust that serves a specific purpose, such as bringing education to underprivileged nations or relieving poverty anywhere in the world.
Charitable trusts also offer some benefits to the grantor and their family. When an individual dies in New York state, their estate is subject to probate. This means a judge must distribute their belongings, and all their assets become public knowledge. However, assets held in a trust are exempt from probate. This means your family members can maintain their privacy and avoid the costly and time-consuming process of probate. Depending on the kind of trust you choose, you can also receive tax benefits from a charitable trust.
How is Money Disbursed from a Charitable Trust?
The administration of a charitable trust can happen in several ways, depending on how you’ve structured your trust.
Some of the ways charitable trusts may be administered are:
- Charitable lead trust – In this trust, money is primarily given to a charity of your choice. The remainder of the funds is then distributed to beneficiaries.
- Charitable remainder trust – These trusts are the opposite of charitable lead trusts, in that the main portion of the trust goes to beneficiaries, with the remainder being left to your preferred charity.
- Charitable remainder annuity trust – The beneficiary is given a steady stream of annual income in these trusts. Any assets left in the trust are gifted to a charity when you die.
For help choosing which trust is right for you, reach out to our skilled legal team right away.
Why is Hiring the Right Estate Planning Lawyer Important?
Our legal team has witnessed firsthand the catastrophic effects of not having a proper estate plan. This applies to charitable trusts as well. If you don’t choose an experienced attorney who understands New York trust law, you could be wasting your time and money, leaving your loved ones unprotected and your favorite charity with nothing.
You need knowledgeable lawyers who can explain the different kinds of trusts and help you pick the format that will work best for your goals and dreams. Your lawyer will help set up the trust, transfer assets to the account, and manage the trust as your family’s needs change.
Should You Hire Our Charitable Trusts Attorneys?
At Davidov Law Group, we have helped countless clients protect their wealth and give back to the community through charitable trusts. We are deeply familiar with New York law because we deal with trusts and estate plans every day. We love helping families prepare for the future and experience the joy of doing something great with their wealth by donating to charities.
If you need help deciding what estate planning documents are right for you, please reach out to us right away. We can analyze your unique situation and goals and determine whether a trust is suitable. We will then set up your trust, fund it, and ensure that your belongings are protected on behalf of your loved ones.