Trust and Financial Planning
Now that tax season is over—exhale—and I suggest you take a deep cleansing breath and think about next year’s tax season and inhale.
The old adage of “you can’t take it with you” is sad but true. Fortunate are we who can pass along our cherished possessions to loved ones, organizations and institutions we love. Sometimes these same individuals or organizations were inspirational in igniting your passion for success. Now, more than in recent years, your Alma Mater, house of worship, local shelter, favorite museum or even neighborhood park is in need of gifts and bequests. The passionate support you’ve shown for your charity is appreciated daily. Think about how the organization will meet future needs and insert your legacy of gifting into the future.
There are several trust products that will allow you income and tax benefits, as well as leaving a charitable donation.
A Charitable Remainder Trust as well as a Charitable Lead Trust can be used to appreciate real estate that is unencumbered by debt. After the years of income to you, the property can be gifted and your legacy to the charity continued. You will need assistance of an attorney to draw up the document and, of course, Santa Fe Trust is available for consultation on such vehicles.
Kathy Roberts is Chairwoman and CEO of Santa Fe Trust