Estate planning can give you the confidence that your family is protected. Dorko Wealth & Estate Planning is here to help.
Berks County Charitable Trusts Attorneys
Helping You Design Your Own Charitable Giving Plan
A charitable trust can be an excellent way to ensure that your assets are used to support your favorite charitable organization after you pass away. With a charitable trust, you can designate a trustee to manage the trust's assets and make distributions according to your wishes. You can even specify the amount to be distributed annually, or you can let the trustee decide how much should be given out each year. A charitable trust can be created during your lifetime or through your will.
At Dorko Wealth & Estate Planning, our team of experienced estate planning attorneys can help you design a charitable trust to support your favorite charitable organization. Reach out today to get started.
Contact us or call (610) 957-0018 to speak with charitable trust lawyers in Wyomissing serving Berks County. We have over 30 years of experience.
How a Charitable Trust Works
A charitable trust is a unique way to simultaneously benefit yourself, your beneficiaries, and a charitable cause. It can be particularly advantageous for individuals with surplus assets like stocks or real estate who are inclined towards philanthropy.
There are two main types of charitable trusts: charitable lead trusts and charitable remainder trusts, each serving different purposes.
In practice, a charitable trust operates as follows: Individuals place cash or assets into the trust, and a trustee manages these resources. The trustee then disburses these assets to one or more beneficiaries at specified times or intervals. Once the assets are transferred into the trust, they are typically sold and distributed according to the trust's type and its established terms. Importantly, once created, a trust becomes irrevocable -- this means that the assets cannot be reclaimed.
Charitable trusts involve intricate details, and consulting a financial advisor is often recommended to understand how a trust can integrate into your financial plan. These trusts primarily support IRS-qualified public charities and philanthropic foundations, subject to specific IRS criteria for tax-exempt status. Otherwise, they may be categorized as private foundations, which entail distinct tax regulations and rules.
For more information about charitable trusts in please contact us at (610) 957-0018 or get in touch with us online.
Dorko Wealth & Estate Planning's Case Results
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Successful Transfer of Ownership Business & Farm Ownership TransferIn numerous cases, Jeff has helped people create plans to not only transfer clients' businesses or farms to the next generation, but also eliminate dissension in the family by providing for family members not involved in the original family enterprise.
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Revised Property and Investment Plan for Trust Family Cottage TrustAssisted a client who owned a cottage in Maine in establishing a family cottage trust, allowing their children to continue using and enjoying the cottage after their parents' death without any obligation to pay for the cost. The client also revised their investment plan, making funds available for the remainder of their grandchildren's lives, as well.
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Wealth Transferred to Children & Grandchildren Family Limited PartnershipAssisted a client for over 25 years to sell off her portfolio of undeveloped real estate. This allowed her to transfer a substantial part of her wealth to her children and grandchildren through a family limited partnership. By doing so, she not only paid for college for all of her grandchildren but also developed strong bonds with them through annual family vacations.