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Charitable trusts help you provide for the needs of your family and leave a significant gift to ministry. They can aid in the transfer of substantial assets to heirs without the need for an estate gift, or they can increase your lifetime income while reducing taxes on the sale of an appreciated asset.
Every type of charitable trust works slightly differently, and many can be modified based on the situation. The two main types of trusts are Charitable Remainder Trusts and Charitable Lead Trusts. Remainder trusts are created through the sale of property, stock, or simply by a large gift of cash. They provide income to the donor and their spouse for life, and the remainder is distributed to ministry upon their death. A Charitable Lead Trust, on the other hand, makes payments to a chosen ministry for a set period of years, and then family or the designated heirs receive the full remaining value of the trust.
Charitable Lead Trusts vs. Charitable Remainder Trusts: