Providing For Charity — And Your Family
You may feel a strong desire to support one or more charitable organizations. There are ways to fulfill this desire, while providing for the needs of your family at the same time. A charitable trust can establish a bequest for your favorite charitable 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.
Establishing Charitable Trusts
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 to 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.
Our charitable foundation attorneys can align a charitable trust with your primary objectives, whether maximum tax savings, maximum income or maximum benefit, to the charitable organization.
Speak With Our Experienced Attorneys
Call Cushing & Dolan at 888-759-5109 or contact us online to schedule a free consultation with our Boston charitable trust attorneys. We offer a free consultation, with seven convenient locations in Boston and surrounding counties.