Have you ever wanted to help your favorite charities once you are no longer here.
In fact there is a way to incorporate what we call a Charitable Remainder Trust in your Last Will and Testament in order to provide for your favorite charity.
The great thing about this is the fact the assets that actually are designated for the charity are not subject to estate tax and go directly to the charity.
The reason for this is the fact that it is a matter of public policy and good legislation that the amount of assets that go to the organization be maximized in order to support these causes.
Essentially what you have to do is in multiple steps and works like this.
First choose the organization where you would like your assets to go to.
In addition, you need to have an attorney prepare your Last Will and Testament in order to designate exactly what percentage of your assets is to go to the organization.
What will happen is that upon your passing your estate will be distributed according to your Last Will and Testament that was created by an attorney.
In that Will is how it will be determined what percentage of those assets will actually go into the Charitable Remainder Trust.
In that trust the assets will be ready to be distributed to your cause in exactly the method that you desired.
So if for example you want the assets to first be held in the trust for a couple years and then after that to be distributed on a monthly basis then this will be outlined in your Will.
This is a great method of not only taking advantage of tax saving strategies because that portion is not taxable but also serves to help your favorite charges.