One of the most important steps to take when planning for the future is to consider long-term goals and objectives for personal wealth. Assets and money can pass to loved ones and beneficiaries in different ways, but certain types of trusts allow one to accomplish specific goals. This includes giving to a non-profit through a charitable trust, allowing a Louisiana adult to have more direct control over what happens to his or her wealth after passing.
With a new year and new presidential administration approaching, it is an appropriate time to review all existing plans. Tax changes could impact estate plans, and implementing a long-term strategy for charitable giving could be optimal for the individual situation. Trusts are tools that allow for security and protection for assets, ensuring they end up in the right place.
This type of trust allows one to give generously to charitable organizations of his or her choice while also enjoying certain tax benefits. However, the tax benefits only come with trusts that are irrevocable, which means the grantor cannot change the trust or remove assets during his or her lifetime once established. Charitable remainder trusts are another option for those looking to give to certain organizations in the future.
A complete estate plan may include certain types of trusts. A charitable trust could be the right way to allow a grantor to benefit from certain tax breaks or ensure he or she is able to accomplish specific goals with wealth and assets long-term. It may be beneficial to work with an experienced Louisiana attorney regarding the right tools necessary for an individual estate plan.
