One key aspect in any estate plan is the careful consideration of charitable giving. Some prefer to give an outright gift through their Wills, while others choose to leave a lasting gift in the form of a charitable remainder trust or a private foundation. At Legacy Private Trust we can assist families in many ways to ensure that their gift is lasting. Expert management will leave the important task of choosing the appropriate recipients of the charitable gifts to the family, while leaving the administrative tasks to the professionals at Legacy Private Trust.
We offer services to help you complete the gruelling tasks associated with establishing your own private foundation. Once it is setup you can also appoint us as Agent to do the administrative work. We are flexible and can provide customized packages with partial or full backroom administrative functions and granting services, enabling you and your family to focus on charitable giving.
The Legacy Private Trust Foundation
The Legacy Private Trust Foundation allows you to achieve your charitable goals without undertaking the start-up costs, lengthy processes and administrative tasks associated with establishing your own private foundation. It can also be useful for those who have determined that the amount they wish to give for charitable purposes does not warrant their own private foundation.
- Donor-advised Funds
With a Donor-advised Fund you make a single or a series of donations to the Legacy Private Trust Foundation to be held by it in a separate fund in your name or a name determined by you. The Legacy Private Trust Foundation will provide you with a charitable receipt for each of your donations. Unlike some other foundations that provide Donor-advised Funds, you then have the option of appointing your own investment professional to manage the assets. In either case when you determine the assets can be passed onto charities of your choice it can be in a lump sum, a series of donations or over a longer period of time.
- Temporary Holding Place
It has become surprisingly commonplace for individuals to encounter a situation where they wish to endow their own private foundation. However, the timing can often be problematic because the establishment and registration of a private foundation usually takes a year to complete. Instead we offer the Legacy Private Trust Foundation as a temporary holding place. Make the proposed contribution to a segregated Donor-advised Fund within the Legacy Private Trust Foundation, obtain your tax receipt and your capital gains tax relief earlier and then set about establishing your own private foundation. Once it is set-up up you can easily transfer the assets to your own private foundation and also appoint us as Agent to do the administrative work.
- Anonymous Giving
Being anonymous in charitable giving can be a matter of preference, ranging from full anonymity to a wish that a gift not be advertised in a program or donor listing. However, those wishing to remain fully anonymous may be forced to use bank drafts to keep the source of the donation confidential and will therefore not be issued a tax receipt. Legacy Private Trust can provide the best of both worlds. A donation can be made to the Legacy Private Trust Foundation and a charitable receipt issued. We will then make the donation on your behalf to your selected charity using the Legacy Private Trust Foundation name, guaranteeing your privacy and anonymity.
- Direct Donation
For some people it may be convenient to make a direct donation to the Legacy Private Trust Foundation to receive their tax receipt instantly and have the Foundation’s Board of Directors decide how the charitable donation will be used.