Charitable or Philanthropic Trusts

Many individuals and families with high personal net worth wish to establish a lasting legacy for a charitable organization, arts foundation or worthy cause. It could be to give something back to society, for cultural or religious reasons, to perpetuate a family name, or for tax advantages. In such cases, a Charitable or Philanthropic Trust may be the best solution.

How does a Charitable Trust work?

A Charitable Trust is a type of purpose trust. As the name suggests, a purpose trust is one set up to meet a specific purpose in one of four categories, at least one of which the trust must benefit from, namely:

• The relief of poverty
  
  
• The general advancement of the community
  
  
• The advancement of religion
  
  
• The advancement of education.

What are the benefits?

• Fulfill a personal or moral wish to ‘give back’ to the community or to a special cause
  
  
• Tax advantages
  
  
• Flexibility for the donor to choose the appropriate level of personal involvement, ranging from short-term to one that may carry on for generations.

For more information on Charitable Trusts, please contact us.

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