Preserving the Dharma for
As a service for you, the information on these pages are to inform you about setting up a trust or will and the tax benefits that planned annual giving brings to benefactor, in USA or other countries with similar taxt laws.
|The Living Trust
A flexible plan that works to your advantage
A living trust is an arrangement you create during your lifetime to provide for yourself and your family both before and after your death. You transfer assets to fund the trust and select a trustee (even yourself) to manage it. Lastly, it's a remarkable way of making a significant contribution to a charity of your choice.
What are the advantages of a living trust?
Living trusts have been called the most flexible financial planning device available. The main advantages are: flexibility, control, investment management, tax savings, lower probate costs, swift distribution of trust assets and, last but not least, privacy. Lets take a look at these advantages one by one.
How does this differ from other charitable gift plans?
By establishing a living trust you are in effect reserving the right to change your mind, so although you are not able to take advantage of the substantial income tax deductions afforded under other plans, such as say an irrevocable trust, nevertheless, there are still many other benefits available including estate tax savings later on.
For example, the trust can be written so that after you lifetime, the value of the assets distributed immediately to a charitable organization completely avoids estate tax.
A living trust is a financial plan that works to your advantage. It allows you the decision making power you may need, along with the overall tax savings you will appreciate, while truly reflecting your support of and commitment to a charitable cause of your choice.
We would be glad to assist you, your tax consultant or lawyer in exploring the living trust option further. Please call us today.
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