Estate Planning and Trusts
Estate PlanningIt’s crucial to create a properly structured estate plan that addresses your family's needs. Here are some suggestions:
TrustsA trust helps ensure the successful transfer of your estate to your heirs and beneficiaries. At Old National Wealth Management, we can assist you and your attorney in creating a trust to meet a wide range of goals. Some trust options to consider:
When developing your estate-planning strategies, consider a charitable contribution to the charity or charities of your choice. Charitable giving not only strengthens communities and impacts lives, it can provide significant tax advantages.
The easiest way to give is through a simple bequest specified in your will. Remember: charitable contributions will reduce your estate tax liability.
Charitable Remainder Trust (CRT)
A CRT is an irrevocable, tax-exempt trust that offers flexibility, an income stream for life or a term up to 20 years and significant tax benefits.
A CRT can be funded with a wide assortment of assets, including bonds, mutual funds, stocks and real estate.
Benefits of a CRT:
Charitable Lead Trust (CLT)A CLT is basically the inverse of a CRT. A CLT allows you to specify a set number of years during which a guaranteed amount or a fixed percentage of the value of the assets placed in the CLT will be paid to a charity. Depending on how the CLT is structured, it can result in income, gift or estate tax savings. However, your heirs ultimately receive trust assets free of estate taxes. For more information, please contact a Client Advisor at (800) 830-0362.