National Advisors Trust

The holiday season has a way of prompting deeper conversations—about gratitude, generosity, and the legacy you want to leave for your family.

By incorporating a charitable lead trust (CLT) into your estate plan you can support the causes closest to your heart now while transferring wealth to your heirs later in a tax-efficient way.

This guide answers common questions about CLTs and how they can create lasting philanthropic impact.

Key Takeaways:

When it comes to protecting your assets, minimizing your tax liabilities, and securing your family’s legacy, financial and estate planning should always be a joint consideration. 

An integrated approach ensures you have a plan to preserve and grow your wealth while providing peace of mind that your affairs will be managed according to your wishes.

This guide outlines the fundamentals of financial and estate planning, offers integrated strategies, and highlights common mistakes to avoid.

Start with the Basics

Traditional estate planning encompasses a full spectrum of strategies and solutions to protect, manage, and distribute your financial and tangible assets. 

A well-executed estate plan includes a complete set of documents to direct the distribution and administration of your assets and protect your loved ones from undue legal, tax and other burdens.

The documents can include your will, trust, power of attorney, advance healthcare directives, and more. These documents should be reviewed and updated regularly, especially as laws and life circumstances change, including relocating to a new state.

Trusts are essential estate planning tools to help protect your loved ones and preserve wealth for future generations.

However, not everyone is aware that their trust’s location can significantly impact their estate. That’s because the levels of flexibility, tax advantages, asset protection, and other benefits vary by state, existing statutes, and case precedents.