As a Florida resident who is figuring out how you want your estate distributed, you may also be looking into the possibility of setting up trusts. Today, the Law Offices of Frye & Vazquez, P.L., will discuss the option of setting up a charitable trust.
If you have ever hoped to leave behind some or all of your assets to charity, then this is the option for you. A charitable trust allows you to place a set of assets into an account for a specific charity organization. This organization will be able to hold and manage the assets within this trust for a predetermined period of time. They also get to keep some or all of the interest accrued by these assets in the time they hold them, as decided by you.
There are remainder trusts and lead trusts. A remainder trust signs your assets over to the organization of your choice for a set amount of time. This can last anywhere from years to well beyond your passing. After the period ends, the assets become the charity’s property along with profits or interest gained. With a lead trust, the donor retains control and splits interest between the charity and the donor’s beneficiaries. After the trust expires, the assets revert to a party of your choosing.
If a charitable trust sounds like something you might be interested in, consider taking a look at our web page on trusts, linked above. You can learn more about trusts, your options when it comes to utilizing them, and more. You can also contact an experienced attorney for more information.