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Can trusts help donate assets to charity?

Protecting assets for loved ones and making sure that they have what they need is important to many Arkansas residents. However, it is also common for people to want to help those outside their families by volunteering or donating to charity. For some, donating assets to charity after their passing is something they want to accomplish, and fortunately, trusts can help.

First, parties considering this option may want to note that there are different types of trusts that can help them achieve their charitable giving goals. Some individuals may want to opt for a revocable trust and simply name the desired charitable organization as a beneficiary. Trustmakers can designate the amount that should go to charity and specify how the funds should be used, if they wish to do so.

There are also specific charitable trusts, like a charitable remainder trust, that can benefit both a charitable organization and a family member. When the trust's obligation to the family member comes to an end and that beneficiary no longer has an interest in the trust, the remaining assets are distributed to the specified charity. However, specific rules apply to the use of this trust, so it is important to fully understand how they work.

Charitable giving is important to people for different reasons, but for anyone wanting to use trusts to donate, having the right help and information can go a long way. Fortunately, Arkansas estate planning attorneys can help those interested find the best way to meet their giving goals. Discussing the various types of charitable trusts may help planners find the right trust for their plans.

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