Children's Hospital of Pittsburgh Trusts Simply put, trusts are personal asset management plans that can be set up during a person's lifetime or through a will. They usually involve the transfer of money or property to one person for the benefit of another. You also name your beneficiaries and outline a detailed plan of asset and income distribution. You may include Children's Hospital of Pittsburgh and other charities among your beneficiaries, resulting in significant financial and tax benefits. As a grantor, you have many types of trusts to choose from.
Some common types are the charitable remainder trust, the charitable lead trust and the unitrust .
The unitrust involves placing cash, securities or other property into a trust and keeping a specified income, usually for life. After death of the grantor, the property is transferred to the charitable organization with a substantial estate tax deduction.