Charitable Trusts and Foundations

Ohio Charitable Remainder Trusts

Planned giving as part of a comprehensive estate plan

Our attorneys recently had the opportunity to help an elderly woman establish a charitable foundation that will benefit children around the world for generations to come. At Drew & Ward in Cincinnati, we are pleased to have the sophisticated legal expertise that allows us to assist our clients in planned giving through the establishment of charitable remainder trusts and foundations.

“I have a genuine interest in helping clients work through difficult situations that they might not otherwise be equipped to handle on their own.”

Attorney Sybil B. Mullin

If you would like to discuss the use of planned giving as part of your estate plan, please contact our Cincinnati office and make arrangements for an initial consultation with a lawyer with the appropriate experience. Below are brief descriptions of common vehicles.

The charitable remainder trust

The charitable remainder trust (CRT) provides for the needs of the benefactor (grantor), spouse, and possibly other family members during their lifetimes. Upon the benefactor's death, or upon some other condition, including a set period of time, the charity receives the remaining principle.

In addition to other income tax benefits, the grantor avoids capital gains tax on the donated assets. The assets are transferred from the estate, and therefore not subject to estate taxes and probate.

Although the contribution is irrevocable the grantor may control the assets and change the beneficiary designation from one charity to another. A charitable remainder trust can be established as an annuity (which pays a fixed amount annually), a charitable remainder unitrust (which pays a fixed percentage of the trust's value annually), or a charitable pooled income fund (which enables several donors to contribute).

Charitable foundations

If you would like to donate assets you will not need for your family, our attorneys will help you establish a foundation. In creating a foundation, you provide a charitable contribution that may continue to support the cause for hundreds of years.

Our estate planning attorneys: James H. Coogan, Anthony G. Covatta, Robert M. Smyth Richard G. Ward, Mark W. Jordan, and Sybil B. Mullin.

Related practice areas: estate planning, probate and estate administration, probate litigation, wills and trusts, business succession planning, gift and estate taxation, prenuptial agreements, division of marital assets, family law, real estate, employment law, mergers and acquisitions, and medical group representation