Planning for taxes is just one of many important considerations when reviewing long-range financial plans. Another concern might be the inability of one or more heirs to manage property left to them because of age, incapacity or other factors. Or, another concern might be privacy of the terms of your financial plan.
To address these concerns, trusts are one of the oldest and most widely used estate planning tools. A living trust avoids the cost of probate, is an easy way to distribute assets at your death and is private in that the distribution of assets under the terms of the trust is not subject to the publicity given to wills in probate proceedings. Since a living trust is revocable, it has no income tax consequences during your lifetime; no separate tax return is even filed and all trust income is reported under your social security number. You can also use trusts and other estate planning tools to arrange for special gifts that will benefit your charitable interests only after your needs and the needs of your loved ones have been met.
For more information on Planned Giving, contact:
The Catholic Foundation of Oklahoma, Inc.
P.O. Box 32180, Oklahoma City, OK 73123