Charitable Trusts
If you are planning your estate and wish to give part of it to charity, you may be a candidate for a charitable trust. A charitable trust is a unique giving opportunity because it not only allows you to give to the charity of your choice on your schedule, but it also allows you to secure a current income-tax deduction.
If you make your charitable contribution in your will, the amount of your contribution will be deductible for estate-tax purposes. So you pay no estate tax on the donated assets. However, a lifetime charitable trust allows you to make the gift, avoid estate taxes on the donated assets, and get a current income-tax deduction at the time you make the gift without having to give up total control of the amount given.
Call First Market Bank’s Trust Department today at 1-804-327-5749 to learn more. We’d love to be your bank.
Securities and Insurance Products and Services Are:
| Not FDIC Insured |
Not a deposit |
May go down in value |
Not financial institution guaranteed |
Not insured by any federal government agency |