For charitably inclined business owners, charitable trusts provide many benefits as they assess goals related to tax planning, wealth management, estate planning, and charitable giving. Charitable trusts can help you set aside current and future funds for a charity while preserving a current income stream and other economic benefits. When you make a transfer into one of these trust types, you may qualify for income, estate, and gift tax charitable deductions.

In this episode of The First Business Bank Podcast, our Private Wealth Trust Advisors discuss the advantages of charitable trusts for business owners, including details about:

  • Charitable lead trusts and charitable remainder trusts and how those generally work
  • The benefits of charitable trusts regarding estate tax, offsetting capital gains, and other advantages
  • The optimal time for business owners to set up a charitable trust
  • What business partners you should consider including when setting up a charitable trust
  • Benefiting charities near to your heart while still helping your family in the future

All your hard work as a business owner holds a deeper meaning when you can structure your charitable giving with tax advantages and achieve a win-win situation for your family and a charity that holds significant meaning in your life. With First Business Bank’s Private Wealth advisors, our experience is your advantage.