Giving Series Part 5: Charitable Trusts & Foundations and a Caveat
The fifth part of our giving series deals with Charitable trusts and foundations. For larger charitable gifts, and families that desire to instill the value of giving inter-generationally, charitable trusts or private foundations may be established to provide centralized management of the client’s charitable gifts. These kinds of trusts and foundations can be created during life, or afterlife, so that they can provide the benefit of blessing the charitable cause that the founder is passionate about, but also provide tax deductions. These types of organizations can also be created to last for generations, allowing the founder’s passion for giving to be instilled in their children, grandchildren, and even great-grandchildren.
If you are engaging in a caveat, we encourage you to review this matter with your accountant and attorney. Every person and every situation is unique, and you should be fully aware of the tax and legal consequences of large, systematic gifts.