San Jose Irrevocable Charitable Trusts Attorney

What Are Irrevocable Charitable Trusts (CRATs/CRUTs/CLATs/CLUTs)?

Irrevocable charitable trusts are a form of trust wherein the trustor places substantial assets or funds they wish to donate to a charity, into an irrevocable trust. An independent trustee is then responsible for the assets and for ensuring they go to the intended charity upon the death of the donor or trustor. As part of this particular kind of trust, the trustor or donor receives regular profits from the funds of the trust until the time of their death.

One of the key advantages of an irrevocable charitable trust is the IRS allows for a large deduction during the year in which the assets or funds are placed into the trust. While the assets in the charitable trust will essentially be tied up and inaccessible until the death of the trustor, the tax savings may offer a way for the trustor to set up one or more irrevocable life insurance trusts with his children or other relatives as the beneficiaries. This could allow for both the trustor's family and his or her chosen charity to receive potentially substantial gifts.

For people interested in leaving a portion of their estate or assets to a specific charity, an irrevocable charitable trust may be exactly what they need. In such a case, it is recommended you contact a San Jose irrevocable charitable trusts lawyer at WealthPLAN so they can review your situation and help you determine the estate planning options which will best suit your needs.

Special Irrevocable Charitable Trusts Lawyer Serving San Jose

WealthPLAN has over 30 years experience in estate planning, advanced estate planning, tax, trust administration and litigation. They also have a California State Bar certified specialist in Taxation Law, Probate, Estate Planning and Trust Law in house who can help review your specific estate planning needs and advise you of the best course of action.

The firm understand how important it can be to ensure the family and charities you are so passionate about are well provided for after your death. WealthPLAN is here to help you.

If you or a loved one has questions about, or wish to establish, an irrevocable charitable trust, contact a San Jose irrevocable charitable trusts attorney at thefirm and schedule your confidential consultation.

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