Experienced Las Vegas Charitable Giving And Charitable Trust Lawyers
Last updated on July 24, 2024
Did you know estate planning can make your philanthropic efforts easier? You can determine when and how to give to your favorite charities or nonprofits, leaving behind a lasting legacy.
At Cassady Law Offices, P.C., our charitable trust attorneys in Las Vegas have been serving residents for over 20 years. We opened in 2002 and have been proudly family-owned and operated since. With deep industry knowledge and free consultations, call our lawyers when you need to draft a Nevada estate plan customized to your life circumstances.
Why Should You Consider Including Charitable Giving Within Your Estate Plan?
Charitable giving in your estate plan can reduce estate taxes and provide invaluable income tax deductions. It also allows you to support causes you care about, share your values and have a meaningful impact on your community. You will find personal satisfaction and fulfillment in knowing that your contributions will continue to make a difference after you are gone.
What Is A Charitable Trust, And How Does It Work In Las Vegas?
In simple terms, it is a trust created for specific purposes – to benefit charitable, religious, educational or scientific organizations. Once you create the trust and fund it with assets from your estate, you still technically own the property. However, the charity takes control of the trust assets, using them according to the instructions you provide in the trust agreement.
Charitable remainder trusts are similar, except that their structure creates income for a beneficiary. The remaining assets pass to the designated charity when the trust beneficiary dies.
What Are The Requirements For A Charitable Trust?
To establish a charitable trust in Nevada, it must comply with IRS tax code, as trusts can affect estate taxes and are not automatically tax-exempt. You must fund the trust with financial or tangible assets, appoint a trustee to manage distributions and designate a charity and potentially a beneficiary to receive those distributions.
Contact Us Today For A Free Consultation
To get started or talk more about giving to charity through estate planning, contact us online or call our Las Vegas office at 702-706-1083 for a free consultation and knowledgeable legal advice.