Being well prepared with an estate plan can have benefits to grantors and beneficiaries. One of the most beneficial estate planning tools is a trust. A charitable trust can save Florida beneficiaries on estate taxes.
When using a charitable trust, a portion of the assets that are remitted for charity purposes are not included in estate taxes. Since it is considered a charitable donation, it can be claimed as a charitable deduction on income taxes. Doing this can help reduce the amount of taxes owed, depending on the amount that was gifted as charity. In addition, individuals can save on capital gains taxes if valued property is included in the gift.