Leave a legacy to your favorite charity and receive tax benefits. Charitable gifts made during your lifetime or at your death not only benefit your charity but can also reduce income and estate taxes.
Charitable Trusts
What is a Charitable Trust
A charitable trust is devoted to one or more charitable purposes. While the trust itself isn’t tax exempt, charitable contributions made from the trust can be deducted under IRS code. There are two types of charitable trusts:
Charitable Lead Trust (CLT)
Income from the trust goes to the charity of your choice for a certain number of years or the rest of your lifetime. CLTs offer a tax-efficient way to make regular charitable donations to the organization(s) of your choice.
Charitable Remainder Trust (CRT)
This type of trust provides income to you or another beneficiary for life or a predetermined period of time. When the trust ends, all remaining assets go to the charity of your choice. CRTs offer certain tax benefits.
How to Set up a Charitable Trust
A Financial Planner at First Financial can help you set up and execute a charitable trust as well as other estate administration tasks. You just need to decide which property or assets you want to transfer to your charitable trust. Consult with your tax advisor about the potential benefits of opening a charitable trust.
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Learn more about charitable trusts!
We are here to assist you with all of your charitable trust options. Contact us to learn more about charitable trusts and start the process of opening one. You can also make an appointment at your nearest First Financial Banking Center in Indiana, Illinois, Kentucky, or Tennessee.
Your Wealth Management Partners
You need a complete partner for all your trust and investment needs who can assist in providing financial security. Contact us now so we can help. Call us at 812-238-6257 to talk to an advisor.
We want you to know that investment products provided by Trust & Asset Management of First Financial Bank:
- Are not a deposit
- Are not FDIC insured
- Are not insured by any federal government agency or the bank
- May lose value
