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The Season for Charitable Trusts

     Now that we are nearing the holidays, the taxable year is also coming to a close. This may also be a time that people think to reduce their taxable income. One way to reduce the amount of taxes you may have to pay the government is to do some charitable giving. Many people do not realize that you can merge charitable giving with your estate planning goals.  If you live in California and have further questions about how to set up a Charitable Trust you should consult with an experienced Los Angeles estate litigation lawyer.

     The most common type of charitable trust in the United States is a Charitable Remainder Trust ("CRT"). In a CRT, the charity serves as trustee of the trust, and manages or invests the property so it will produces income. The charity pays you a portion of the income generated by the trust property for a certain number of years, or for your whole life. The term of payments depends on the payment period you select. Then, upon your death, the property held in trust goes to the charity.