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You might think of a philanthropist as an extremely wealthy individual who holds a great deal of power, but that’s not necessarily true. Anyone can contribute philanthropically to causes they care about, and that includes you. One great method of giving back is to establish a charitable trust in your estate plan.
A charitable trust is a type of trust that is created to support a charitable cause or a specific charity. It is similar to other trusts in that it distributes money or property to a beneficiary. In this case, the beneficiary could be one of your favorite charities.
There are many positive factors that may encourage you to set up a charitable trust, such as:
One possible drawback of a charitable trust is that once established, it can’t be terminated. This means that before making one, it is very important to be absolutely certain about your decision. If you think you might want to include such a trust in your estate plan, contact an experienced estate planning attorney.