Planned Gifts - Trusts

Designating a portion of your estate to be held in trust is another way you may be able to save substantially on estate taxes, generate income for your heirs and provide for EAC.

A trust is a legal arrangement in which property or assets are held by one person for the benefit of another. By putting assets into trusts, probate of an estate can be avoided, and there can be considerable tax benefits, either for the person who sets up the trust or his or her heirs. A trust must be drawn up by an attorney familiar with trust documents.

Types of Trusts

• A living trust offers a good way for you to manage property and income during your lifetime. You are allowed to change or cancel this type of trust at any time. You can arrange to have current gifts made to EAC through the trust. You can also list EAC as a beneficiary of your trust, just as in a will. In the event of your death, all proceeds of the trust will be distributed outside of your estate and probate costs will be avoided.
• Irrevocable trusts offer considerable tax advantages but cannot be changed after establishment of the trust. Through a charitable remainder unitrust or a charitable remainder annuity trust, you will receive annual income at a fixed rate or percentage. At your death, EAC receives the principal. Additional tax-deductible contributions may be made to the unitrust.
• Through a lead trust, the annual income is paid to EAC for a set number of years. After that, the assets of the trust revert to you or are given to your heirs. If the assets of the trust appreciate in value over the years, this increase is passed on to your heirs without any gift or estate tax.

Take control over your estate while significantly and profoundly impacting the quality of life for the Long Island community and the surrounding boroughs by naming EAC in your trust.

Whatever you decide to do, EAC advises you to check with your personal Attorney, Financial Planner or Tax Consultant. If you or your attorney should have any questions, please contact: Jaclynne M. Jacobs via e-mail at jjacobs@eacinc.org, by telephone at (516) 539-0150 or mail at 50 Clinton Street, Suite 107, Hempstead, NY 11550.