Educational and Charitable Trusts

People have all different types of goals and plans related to money. For some, simply amassing as much money as they can is the goal. For others, money is the means by which they attain bigger and better things or even establish their identity. But for many of our clients, growing and managing their assets and financial futures is about creating a better future for their loved ones and even for society at large through promotion of educational and charitable goals to make the world a better place and build a brighter tomorrow. At The Ledbetter Law Firm, APC, we assist our clients to do just that by incorporating estate planning tools such as educational and charitable trusts to ensure that assets are not just managed and maintained, but also used in ways that reflect our clients’ values and honor their legacies.

Educational Trusts

By creating an educational trust, you can designate funds for a certain beneficiary or beneficiaries (children, grandchildren, godchildren, or anyone else for that matter) that can be used now or at some later time (even after your death) for the purpose of your beneficiaries’ educational needs.

By creating a trust rather than distributing funds directly to a beneficiary or his or her guardians, you can ensure that the funds are properly used on educational needs as you see fit, and you can specify how the funds should be spent or provide discretion within some criteria to a trustee. For example, you might specify that the funds can only be used for law school (or, conversely, that they can be used for any type of schooling except law school, if that more suits your desires). Your trustee can also manage the trust funds to promote growth over time to provide further assistance to your beneficiaries.

Charitable Trusts

Charitable trusts work similarly to educational trusts in that you can transfer funds to the trust to be used to support any type of charitable cause and/or organization you would like, and you may include certain guidance in how the funds should be spent. People commonly set up charitable trusts to benefit causes and/or charitable organizations such as:

  • Colleges, universities, and other educational institutions
  • Churches, synagogues, and other religious organizations
  • Social welfare institutions
  • Scientific, literary, and other policy-based charitable entities
  • Entities benefiting animals, parks, wildlife, and nature

Because donations made to charitable causes are often tax-deductible, creating a charitable trust (including a charitable remainder trust) can provide you with tax benefits and even personal asset growth at the same time that you are acting to benefit charitable causes.

Plan for Tomorrow With an Experienced Estate Planning Attorney Today

The Ledbetter Law Firm, APC is dedicated to individuals and families plan for their futures through all aspects of estate planning. Contact The Ledbetter Law Firm, APC to see how you can begin creating or updating an estate plan that incorporates the needs and goals of you and your loved ones.

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“Tom was able to take the complex and daunting task of putting together an estate plan and made it much simpler by asking the right questions, focusing on what really mattered, and getting it documented the right way. His down to earth nature, ability to explain things in non-lawyer terms and his deep estate planning expertise made him an excellent fit for our family and estate planning needs.”

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The Ledbetter Law Firm, APC