Irrevocable Charitable Trusts
If you wish to donate substantial assets to a charity an Irrevocable Charitable Trust may be beneficial to you. You should consult with The Law Offices of Deborah Azar, P.C. to see if an Irrevocable Charitable Trust is right for you.
When you set up an Irrevocable Charitable Trust, an independent trustee becomes responsible for the assets and for ensuring they go to the charity you intended once you die. Another benefit of an Irrevocable Charitable Trust is that you will receive regular profits from the funds of the trust until the time of your death. Once you put the assets into the irrevocable trust, they will be tied up and inaccessible until your death, but with the tax savings you may be able to set up one or more Irrevocable Life Insurance Trusts with your children or other loved ones as beneficiaries.
You need expert advice from an attorney in order to set up an Irrevocable Charitable Trust. You will need help determining whether an Irrevocable Charitable Trust is right for your circumstances, assets and plans. You also want expert advice and guidance throughout the process so that you end up with a document that reflects your vision and achieves your goals.