Things to be Thankful For: Giving Generously in Your Estate Plan
Since Thanksgiving is just around the corner, we decided to focus on being generous and the individuals your Estate Plan can help after you are gone.
So, here it is: you spend much time, energy and money in setting up a solid estate; an estate that protects your assets, provides for your family and maybe holds and manages your business/es. What about after you pass? Depending on who your beneficiaries are and how you set up your trust, your estate can carry on your legacy by the act of giving. There are many ways to give from your estate after you pass. We are going to break down a few options and explain why these may work for your estate.
|
Type |
What it does |
Why? |
|
Charitable Trust |
Irrevocable Trusts giving some (or all) of the Grantor’s residual money to a specific charity. The Grantor may set up the Charitable Trust as paying the Charity before the beneficiaries or paying a residual amount to the charity after the beneficiaries are paid. |
Setting up this type of Trust can be for philanthropic and/or tax purposes. Donations made to the Trust may be tax deductible and can ensure that the Grantor’s wishes are carried out. This type of Trust can appeal to wealthy and middle-income individuals (ask your estate attorney on how to achieve this with your financial situation) |
|
Special Needs Trust |
Established to care for an individual who has physical or mental special needs. Either set up as a General Support Trust (acting as the primary source of income for the individual) or a Supplemental Needs Trust (acting as t
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