For some Florida adults, planning for the future involves creating a plan for distributing their wealth in specific ways after they pass. One goal may be to give to a charitable organization, and there are ways to do this that could provide benefits to both the giver and the recipient. Establishing a charitable giving trust is an estate planning strategy that allows one to have more control over his or her assets and wealth in the future.
A trust sets aside and protects assets for a specific use. By establishing a charitable giving trust, a grantor can have confidence that assets will end up in the right place. If the trust is irrevocable, the granter will also enjoy certain tax benefits as well. Outright giving to nonprofits and charities is good, but there are some benefits to taking a long-term approach to giving as well.
The end of a calendar year is a good time to review estate plans and long-term wealth management strategies. With the incoming presidential administration, tax law changes are possible, and now is the time to consider how these may affect an estate plan. Through trusts and other tools, it is possible to create a plan that allows for long-term security and stability.
If charitable giving is an important goal, an estate plan should reflect that. A charitable trust may be a prudent to way to protect wealth and prioritize certain objectives. When creating meaningful and impactful strategies for the future, it is helpful to work with an experienced Florida estate planning attorney.