Often, the annual income received from the gift, when managed well, can grow to be as large as the donated asset and no insurance will be needed. Because of the many taxes associated with retirement assets , they make an ideal estate gift. If the assets are donated to benefit the WVU College of Law, your estate will escape paying all of the income and estate taxes and will receive a charitable deduction as well. Retirement assets also can be used to provide lifetime income for others in your estate. Trusts set up through provisions in your will for special purposes, such as care of a handicapped person or a spendthrift trust to preserve assets from wasteful depletion, can provide comfort and assurance for you and for others.
Trusts can serve a charitable purpose that also helps loved ones.
Through your will, you can create a charitable trust that will benefit the College of Law, but will provide income for your spouse, children or others first. The income will be paid for their lifetimes, or for a maximum of 20 years, whichever you prefer. As the charitable trust's value increases, its growth is tax free, unlike other trusts. This also allows the annual income paid to increase because it is a percentage of the trust's value. Even through income will be paid to those you specify, the charitable trust also earns a partial estate tax deduction.