With a charitable trust, you can create an income stream for yourself and transfer the assets of the trust to the Community Foundation at a later date (“Charitable Remainder Trust”), or you can set it up so that the income is paid to the Foundation for a specified period of time, after which the assets are transferred back to your family (“Charitable Lead Trust”). In addition, transferring assets to a charitable trust may remove them from your probate estate and reduce your taxable estate. Your financial advisor can help you understand the different types of charitable trusts and how they might affect your financial picture. The Foundation does not directly administer charitable trusts, but we will work closely with your tax and legal advisors to provide the information you need to designate the Foundation as the beneficiary of your trust. We also can help you create a named fund at the Foundation to receive your gift and ensure that your gift benefits causes that are important to you in perpetuity.
For more information on designating the Foundation as a beneficiary of a charitable trust, please email CFHoCo’s President & CEO, Beverly White-Seals, or call 410-730-7840, or contact your estate planning professional.