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Charitable Planning and Trusts

North Carolina Charitable Planning and Trusts Attorney

Hickory firm advises on gifts and their tax benefits

At Donald R. Fuller, Jr., PLLC, I am a North Carolina charitable planning and trusts attorney who offers comprehensive counsel to those looking to support a worthy cause. My firm explains the tax ramifications of various types of gifts and prepares the documents necessary to create trusts and other funding mechanisms.

Purpose of charitable planning and trust creation

As an experienced Catawba County trusts attorney, I can craft a smart strategy to coordinate your charitable contributions. I’ll take the time to learn about what type of philanthropy means the most to you and help you accomplish your goals in a manner that benefits both those you are trying to help and yourself. You can count on me to outline potential tax benefits associated with gifts that you make while you are still alive, as well as trusts and bequests you intend to fund upon your death. Failing to take proper care with charitable contributions could lead to problems for both you and the charity.

Types of charitable foundations and gifts

My firm can outline a wide range of charitable giving options that you can make part of your overall trust and estate plan, including:

  • Charitable remainder annuity trusts — With a charitable remainder annuity trust, the grantor deposits a large sum into an irrevocable trust, which then provides income to one or more charities on an annual basis.
  • Charitable remainder unitrusts — You might create a charitable remainder unitrust if you want to benefit from the trust income during your lifetime then leave the rest to a charity when you pass away.
  • Family and private foundations — Starting a family or private foundation is a wonderful way to create lasting legacy and reap a tax benefit, but careful adherence to pertinent laws and government regulations is a must.
  • Gifts and endowments — Depending on your wishes, you might make a gift to a nonprofit that can be used in its entirety immediately. You can also make an endowment, which generates income that can be used while the principal remains intact or is reserved for a specific cause.

No matter what your specific plans entail, I can help you find the best way to make a positive difference for someone else.

How does a charitable trust work?

You can make an existing charity the beneficiary of your trust or start a new organization with your endowment. Many people donate money to help others, but real estate, investment assets and even tangible items are also transferred to charitable trusts. For example, you might place a valuable artwork or antique in a charitable trust that gives you the ability to keep it in your home for the rest of your life, then have the possession transferred to a museum.

Pros and cons of creating a charitable trust

Establishing a charitable trust offers a variety of potential benefits. These trusts are usually irrevocable instruments so many people gain a tax advantage by shifting funds there. If you hope to provide long-term support for a particular cause, these trusts can continue on under the terms you set after your death. Though you can set detailed instructions regarding the preservation and distribution of your endowment, once the assets are transferred to an irrevocable charitable trust, you can no longer recover them for personal use.

Guidance to charitable organizations

New and existing charitable organizations face complex challenges when allocating their funds and complying with the strict regulations that govern nonprofits. I assist clients with the development of endowment programs, the creation of guidelines to maintain charitable status and the formation of grant-making policies.

Contact a North Carolina trust and estates attorney to discuss charitable giving

Donald R. Fuller, Jr., PLLC in Hickory handles all types of charitable contribution planning for North Carolina residents. Please call 828-639-8188 or contact me online to schedule an appointment.

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Office Location
  • Hickory Office
    225 4th Street N.W.
    Suite 200
    Hickory, North Carolina 28601
    Phone: 828-578-6400
    Fax: 828-578-6403
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