What are Florida's requirements for a charitable trust?

Florida law requires a charitable trust to meet a recognized charitable purpose — such as relieving poverty, promoting health, advancing education, religion, arts, or science. The trust's purposes must also be lawful, achievable, and not contradict public policy.

How does a charitable trust work?

A charitable trust assigns income or assets to a qualifying 501(c)(3) charity, either during your lifetime or at death. It can also be structured to benefit both your heirs and a charity — for example, paying income to your children while alive, then transferring assets to a charity.

What are the tax benefits of a charitable trust?

Through a charitable trust, the trustor or their estate can receive significant tax reductions or avoidance, including income tax deductions, gift tax benefits, and estate tax deductions, depending on how the trust is structured.

How do I choose the right type of charitable trust?

Your Boca Raton estate planning attorney at The Berman Law Group will review your charitable goals, financial situation, and tax needs to recommend the type of charitable trust that best matches your wishes and intent.

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Charitable Trust Rules — Florida

Explained by The Berman Law Group in Boca Raton

Charitable trusts are established to benefit a charity or a public service. The benefiting foundation must be a 501(c)(3). Through donating to charity, the trustor or the trustor's estate receives significant benefits such as a tax reduction or tax avoidance — while also supporting the community through a worthy cause.

Florida Requirements for Charitable Trusts

In creating a charitable trust, Florida law requires your trust to meet a charitable purpose. Although not limited to these, a charitable purpose may aim at relieving poverty, promote health, support municipal or governmental purposes, or advance the arts, education, religion, or science. In Florida, the trust's purposes must also be lawful, achievable, and must not contradict public policy.

How Charitable Trusts Work

Just like a non-charitable trust, a charitable trust can name more than one beneficiary. It can be set up to assign the trust income to a charity or charities while leaving the trust assets to the trustor's heirs. In another arrangement, the charitable trust can benefit the trustor's children while they are alive, then transfer the trust assets to a charity once they pass. These are just a few of the many structures available.

Choosing the Right Charitable Trust

When it comes to charitable trusts, there are several options that achieve different purposes. Your Boca Raton estate planning attorney at The Berman Law Group will learn about your specific situation and advise you on what type of charitable trust best matches your wishes and intent. Related planning tools include revocable and irrevocable trusts and special needs trusts.

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Boca Raton Office: 3351 NW Boca Raton Blvd, Boca Raton, FL 33431. Phone: (561) 338-7594 • Fax: (561) 826-5201

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Orlando Office: 37 North Orange Ave, Orlando, FL 32801. Phone: (407) 926-6610

Gainesville Office: 805 Northwest 13th Street, Gainesville, FL 32601. Phone: (352) 514-3791 • Fax: (561) 826-5201

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