Kroener, Hale & Penick Law Firm
contact Menu
Call 513-716-5940We are here to listen, learn & help

TEXTS ONLY: 513-828-7510

Is a charitable trust missing from your estate plan?

Estate planning is a beneficial and practical step for every Ohio family. The foundation of any good estate plan is a will, yet for many individuals, that alone is not enough protection. There are various other tools that you can employ to better secure your interests and maintain control over what will happen to your estate after you pass away. One of these tools is a trust.

Not everyone needs a trust as part of their complete estate plan, but it could be the right choice for you. Specifically, a charitable trust could be the right decision if you intend to leave a large amount of money for a charity or to a non-profit. As with anything that you include as part of your estate plan, you would be wise to ensure the proper drafting of any trust.

What is the purpose of a charitable trust?

Leaving money to charity is a great way to do good and benefit others, even long after you are gone. Setting up this type of trust is not only philanthropic, it can ensure that you control exactly where and to whom your money goes. While it is not tax exempt, it is deductible, and it can reduce the amount of taxes paid on an estate.

What you need to know about a charitable trust

There are two types of charitable trusts that you can form, and the right one for you depends upon your objectives and what you hope to accomplish with your specific trust. The two types of charitable trusts are the charitable remainder trust and the charitable lead trust. These tools can be complex, and there are both legal and financial considerations with each. A simple explanation of their differences is as follows:

  • Charitable remainder trust: This is ideal for a person with certain types of assets, such as stocks or real estate. Trust assets can be sold without the accumulation of capital gains.
  • Charitable lead trust: This type of trust is ideal for a person hoping to reduce their taxable income and is particularly useful for people with significant wealth and those hoping to spare beneficiaries of significant estate taxes.

If you believe that a type of charitable trust is the most practical choice for you and your family, you may benefit from seeking its addition to your existing estate plan as soon as possible. Having the right tools in place helps ensure your financial protection and the security of your loved ones.

No Comments

Leave a comment
Comment Information

Take Action Today. Call 513-716-5940 To Talk To An Experienced And Compassionate Attorney.

Email Us For a Response

Tell Us More About Your Legal Issue

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Contact information

Kroener, Hale & Penick Law Firm
101 N. Riverside Dr.
Batavia, OH 45103

Phone: 513-716-5940
Phone: 513-828-7510
Fax: 513-297-7227
Batavia Law Office Map

9078 Union Centre Blvd.
Suite 350
West Chester, OH 45069

Phone: 513-716-5940
Phone: 513-828-7510
Fax: 513-297-7227
West Chester Law Office Map

Scripps Center
312 Walnut Street
Suite 1600
Cincinnati, OH 45202

Phone: 513-716-5940
Phone: 513-828-7510
Fax: 513-297-7227
Cincinnati Law Office Map

Westlake Center
4555 Lake Forest Dr.
Suite 650
Cincinnati, OH 45242

Phone: 513-716-5940
Phone: 513-828-7510
Fax: 513-297-7227
Cincinnati Law Office Map

Rookwood Tower
3805 Edwards Rd.
Suite 550
Cincinnati, OH 45209

Phone: 513-716-5940
Phone: 513-828-7510
Fax: 513-297-7227
Cincinnati Law Office Map

Texts Only: 513-828-7510

Offices In Cincinnati, Batavia and West Chester, Ohio