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Charitable Trusts

Charitable trusts provide a tax-efficient way to provide a lasting legacy to a charitable organization. There are different types of charitable trusts, each offering specific advantages.

At The Law Offices of Kennedy & Jackson in Houston, Texas, our lawyers have decades of experience advising families of different asset levels about charitable gifts. Our attorneys — both of whom are board-certified in estate planning and probate law by the Texas Board of Legal Specialization — are highly qualified to provide advice and representation on all types of estate planning matters.

TYPES OF CHARITABLE TRUSTS

One popular type of charitable trust is the charitable remainder trust. This trust provides you and your spouse an income for as long as either of you live. After your death, the charity receives the balance of the trust.

Since assets in the trust are destined for a charity, they are not subject to capital gains taxes. As a result, a charitable remainder trust is ideal for real estate, stocks and other property that has a low cost basis but high appreciated value. Placing the assets in a trust allows you to maximize your gift to the charitable organization while minimizing your taxes. While charitable remainder trusts are irrevocable, you and your spouse can change the beneficiary at any time. Assets in a charitable remainder trust are not included in your estate and as a result are not subject to estate taxes.

Another type of charitable trust is the charitable lead trust. Unlike a charitable remainder trust, a charitable lead trust makes annual income payments to a charity during your lifetime. After your death, the balance of the trust is transferred to your beneficiaries.

In addition to charitable trusts, our lawyers set up private foundations and family foundations. Charitable trusts and foundations are powerful tools to minimize taxation and maximize gifts to organizations you support.

CONTACT A CHARITABLE TRUSTS ATTORNEY IN HOUSTON

Our law office is located in the Galleria area of Houston, with free on-site parking available next to our office building. We provide a complimentary — and confidential — initial consultation to all new potential clients.

To schedule an appointment with one of our lawyers, call 713-783-7444 or send us an email.