St. Petersburg Charitable Trust Attorney
Charitable giving topped $550 billion in 2023, and a charitable trust is one way to provide for a charity while reserving rights to income for yourself or loved ones. At Fisher & Wilsey, P.A., our team of talented trust attorneys can walk clients through the different charitable trust options. This is a complicated area of law, and anyone creating a trust must ensure the trust complies with current regulations. Complex tax rules and other pitfalls threaten to undermine your charitable giving if a trust is created improperly. Contact our office to speak with a St. Petersburg charitable trust attorney.
How Charitable Trusts Work
There is not a single “charitable trust.” Instead, there are two main types, with variants under each head:
- Charitable lead trust. You can donate to a charity while preserving the inheritance for your heirs with a charitable lead trust. It is an irrevocable trust which provides payments to a charitable organization for a set amount of time. The remaining funds then transfer to your beneficiaries named under the trust, such as family members.
- Charitable remainder trust. With this type of irrevocable trust, you can provide income for a non-charitable beneficiary for a set amount of time, with remaining funds going to a charity.
- Charitable trusts offer many advantages to the creator, such as reduced estate, income, or capital gains taxes. At the same time, you can make charitable gifts while still preserving income for either yourself or your beneficiaries.
- Charitable trusts are important tools for clients focused on wealth preservation, asset protection, and tax planning. To find out whether a charitable trust works with your estate planning goals, call our office.
Key Considerations with Charitable Trusts
Our legal team is prepared to walk you through the myriad considerations when creating a trust. For example, when it comes to charitable remainder trusts, you can create either a unitrust or an annuity trust. These differ in terms of how much is paid out of the trust and whether you can make additional contributions.
Anyone hoping to reap tax advantages should work closely with an attorney. The IRS and state taxing authorities scrutinize all trusts, especially charitable trusts, and you want to ensure full compliance with tax laws. Clumsily drafted documents not only frustrate charitable giving, but they put you on the IRS’s radar.
Our firm is ready to create a charitable trust which satisfies your desire for charitable giving while preserving wealth for either yourself or others. We can identify which charitable trust is best, create the trust document, and assist with transferring funds.
Call Us to Schedule a Consultation
Fisher & Wilsey, P.A., is an established Florida law firm which has helped boost charitable giving by providing sound legal advice to our clients. Giving to a charity brings deep satisfaction to many, who also appreciate providing income for family members at the same time. To learn more about whether you should create this trust, contact us to speak with a St. Petersburg charitable trust attorney with our firm.
