Thousand Oaks Charitable Trusts Attorney

Safely Contributing to Your Favorite Causes

A charitable trust is a type of trust that has one or more charitable beneficiaries. If a charitable trust follows federal tax laws, it will allow the settlor to deduct a percentage of the amount that the settlor gave to the charity as a current charitable income tax deduction.

There are different types of charitable trusts, and each has their own tax benefits. A charitable trust can be established under a living or testamentary trust, but if a settlor wishes to make distributions to the charity during their lifetime, the trust classifies as an irrevocable living trust.

If you are interested in creating a trust that benefits both you and your favorite charity, contact a Thousand Oaks estate planning attorney from Pederson Law Offices.

Types of Charitable Trusts

There are four different types of charitable trusts. Charitable lead annuity trusts, charitable lead unitrusts, charitable remainder annuity trusts, and charitable remainder unitrusts are included under the charitable trust umbrella. A charitable lead annuity trust is an irrevocable split-level trust that pays income interest to one or more charities in the form of annuity.

The remainder of the interest is paid to non-charitable beneficiaries. A charitable lead unitrust is a trust in which a fixed annual percentage of the value of the trust assets is paid to charities for a certain period of time.

After the allotted time, the principal of the trust is transferred to beneficiaries. Charitable remainder annuity trusts are trusts that pay a certain amount of money to beneficiaries for a term of years. After the trust ends, the remaining assets will go to the creator's charity of choice. A charitable remainder unitrust also pays beneficiaries a fixed amount of the trust principal, but principal of the trust is revalued annually. This allows donors to make additional gifts to the trust.

Trust Lawyer Serving Ventura County

If you wish to give your assets to a charity, or to a charity and a selected amount of beneficiaries, a charitable trust may be an excellent choice for you. Our attorneys can discuss the different types of charitable trusts, and help you choose which charitable trust best suits your wishes.

Our firm serves Thousand Oaks, as well as the rest of Ventura County. Please do not hesitate in contacting our firm today at (805) 372-1507.

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