If you are interested in helping a charity, supporting your loved ones after your death and minimizing income and estate taxes, then a charitable trust may be a good option for you. At The Law Offices of Karen Brady & Associates, P.C., we can help you set up a charitable trust that accomplishes all of your goals.
We have created lasting relationships with our clients throughout Arvada, Colorado, and the west Denver metro area by providing them with estate planning services they can trust. With more than 20 years of experience, our Denver charitable trusts attorney Karen L. Brady has a strong reputation for delivering results.
The Benefits of Charitable Trusts
A charitable trust allows you to move assets out of your estate to fund a charitable organization. This has several benefits. You will immediately receive a tax deduction in income taxes and your heirs will enjoy reduced estate taxes upon your passing. Additionally, charitable trusts allow you to maintain an income stream for you and your loved ones. There are two main types of charitable trusts:
- Charitable remainder trust: This is an irrevocable trust that allows you to maintain an income stream for yourself or a loved one for lifetime or for a certain number of years. When the trust terminates, the beneficiary charity receives the remaining assets.
- Charitable lead trust: This type of trust makes payments to a charitable organization during its term. When the trust is terminated, the remaining assets go to a beneficiary of your choice. A charitable lead trust can help you significantly minimize taxes.
In many cases, we incorporate irrevocable life insurance trusts with charitable trusts to replace the assets received by the charity. When the life insurance trust terminates, the death benefit from the life insurance policy is distributed to your heirs.
Contact Our Colorado Charitable Giving Attorney
Creating a charitable trust is a highly technical endeavor, one that should not be attempted on your own. Our experienced lawyer can help you create a charitable trust that meets your gift planning needs as well as the needs of you and your family. To schedule a free initial consultation, contact the firm online or call us at 303-835-1811.