A charitable trust is an irrevocable trust that can benefit you and the charity you choose, while providing income to your heirs. If you are philanthropically minded with nonessential assets like stocks or real estate, a charitable trust can offer…
People often wish to leave money to charities. This blog contains real-world scenarios in which individuals leave assets to charities:
Example #1: Tom has no children and no living relatives. His net worth is about 10 million dollars. Realizing his estate would be taxable, he wanted to strategically make a bequest to his alma mater, the church that he attends, and a hospital that he credits with saving his life.
He contacted his alma mater to inform them of his intentions. He signed a letter of intent specifying the dollar amount of the gift he intended to leave. As a result, the college named an endowment after him, with the funds to be used to create a scholarship.
He spoke with the pastor at his church about his intentions, and he was able to hear about the good work that the church will be able to do as a result of his gift.