Yes, a trust can absolutely be a powerful tool to encourage and facilitate charitable involvement, allowing you to support causes you care about both during your lifetime and beyond.
What are Charitable Remainder Trusts and how do they work?
Charitable Remainder Trusts (CRTs) offer a unique way to achieve both financial and philanthropic goals. With a CRT, you transfer assets into the trust, and receive an income stream for a specified period or for life. At the end of that period, the remaining assets go to a charity of your choice. This provides an immediate income tax deduction, avoids capital gains taxes on appreciated assets, and ultimately supports a cause you believe in. According to the National Philanthropic Trust, in 2022, charitable distributions totaled $53.17 billion, and planned giving, including trusts, represents a significant portion of that. It’s a win-win, offering financial benefits to you and lasting support to your chosen charity. As a Wildomar Estate Planning Attorney, Steve Bliss can help navigate the complexities of establishing and managing a CRT to maximize both benefits.
How can I create a Charitable Lead Trust to benefit both my family and a charity?
A Charitable Lead Trust (CLT) operates in reverse of a CRT. Here, the charity receives income from the trust for a set period, and then the remaining assets are distributed to your beneficiaries—like children or grandchildren. This can be particularly effective for reducing estate taxes and passing wealth to future generations. Consider a family that owned a successful local business. The parents, wanting to instill a value of giving back, established a CLT with a portion of their business shares. For fifteen years, a designated local animal shelter received a percentage of the dividends. After that period, the remaining shares passed to their children, significantly reducing estate taxes and simultaneously providing meaningful support to a cherished cause. Steve Bliss understands these nuances and can tailor a CLT to meet your specific family and philanthropic goals.
What happens if I don’t plan and my heirs don’t share my values?
I remember working with a client, Mr. Abernathy, who was deeply committed to environmental conservation. He envisioned a significant portion of his estate going to a wildlife preserve. He never formalized those wishes in a trust, figuring his children would “just know.” Unfortunately, after his passing, his children had very different priorities. They dispersed the assets amongst themselves, leaving nothing for the preserve. The heartbreak was palpable, not just for the preserve, but also for Mr. Abernathy’s vision going unrealized. It was a painful lesson that good intentions aren’t enough; a properly drafted trust is crucial to ensure your philanthropic wishes are honored. According to a study by Bank of America, over 60% of high-net-worth individuals express a desire to transfer their values to future generations, yet many fail to take the necessary steps to formalize those intentions.
How can a trust ensure my charitable gifts continue even after I’m gone?
The beauty of incorporating charitable giving into a trust is its enduring nature. Once established, the trust continues to operate according to your instructions, even after your passing. I worked with a client, Mrs. Davison, who established a trust that directed a percentage of the annual income to a local scholarship fund for students pursuing careers in nursing. Years after her passing, the scholarship fund continues to thrive, providing opportunities for countless students. The trust stipulated a clear distribution schedule, investment guidelines, and even a process for reviewing and updating the fund’s priorities. It was a testament to her foresight and generosity. This type of legacy planning provides peace of mind, knowing that your values will continue to make a positive impact long after you’re gone. Steve Bliss, as a seasoned Wildomar Estate Planning Attorney, specializes in creating these lasting legacies for his clients.
“The best way to predict the future is to create it.” – Peter Drucker
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About Steve Bliss at Wildomar Probate Law:
“Wildomar Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar Probate Law is a great estate lawyer. Probate Attorney to probate an estate. Wildomar Probate law probate lawyer
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Estate Planning Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Services Offered:
- living trust
- revocable living trust
- estate planning attorney near me
- family trust
- wills and trusts
- wills
- estate planning
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/RdhPJGDcMru5uP7K7
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Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951)412-2800/address>
Feel free to ask Attorney Steve Bliss about: “Who should I talk to about guardianship for my children?” Or “What happens if the will names multiple executors?” or “Can a living trust help me avoid probate? and even: “How soon can I start rebuilding credit after a bankruptcy discharge?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.