Providing for Charity — And Your Family
In your will, you may desire to leave a portion of your estate to one or more charitable organizations. A charitable trust can establish a bequest for your favorite charity causes, while also providing income streams, and tax and probate advantages for your family.
The Boston attorneys of Cushing & Dolan, P.C., can help individuals and families in Massachusetts and New Hampshire create charitable trusts in the context of comprehensive estate and tax planning. We invite you to arrange a free consultation at your convenience.
Boston Charitable Trust Lawyers
A charitable trust enables you to hold assets outside of your estate for the primary or secondary purpose of funding a charitable cause. In addition to bypassing probate, these trusts are also a useful tool for minimizing estate taxes for your heirs.
There are two main types of charitable trusts:
- A charitable remainder trust, sometimes known as a "unitrust," is an irrevocable trust that provides an annual distribution to you or designated family members while you are living. Upon death, the remaining assets are distributed to the beneficiary charity. When structured properly, there may be no income, gift or estate taxes.
- A charitable lead trust is primarily used to reduce taxable income of an estate. The trust donates to a charitable foundation or other qualifying charity for a fixed period at an amount that will offset the estate tax burden. The remainder transfers to your heirs upon death. When set up properly, there may be no capital gains taxes or estate taxes.
Sophisticated Tax Planning Solutions
Our tax planning attorneys can align a charitable trust with your primary objectives, whether maximum tax savings, maximum income or maximum benefit, to the charitable organization.
Call Cushing & Dolan at 617-523-1555 or contact us online. We offer a free consultation, with six convenient locations in Boston and surrounding counties.
