Charitable Trust Rules

Explained by The Berman Law Group in Boca Raton, Florida

Charitable trusts are usually 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 receive significant benefits such as a tax reduction or tax avoidance while supporting the community through a worthy cause.

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, municipal or governmental purposes; advance the arts, education, religion, or science.

In Florida, the trust's purposes must also be lawful, achievable, and must not contradict public policy.

Just like a non-charitable trust, a charitable trust can also 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 instance, the charitable trust can benefit the trustor's children while they are alive and set up the trust's assets to be transferred to a charity once they die. These are just a few examples.

When it comes to charitable trusts, there are several choices achieving different purposes. Your Boca Raton estate planning attorney at The Berman Law Group will learn more about your situation and advise you as to what type of charitable trust matches your wishes and intent.


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