Dec 03 2007
Reduce Taxes By Setting Up A Charitable Trust
The very thought of charitable trusts brings forth the notion of rich people helping the poor. Yes, it might be traditional for charitable trusts to be set up by the rich, but they do not always do so to help others. Planned giving strategies are often set up by them to reduce the taxes that they may have to otherwise pay. Rich people avail large tax incentives by setting up charitable trusts. They receive a deduction on income tax and also reduce their estate taxes.
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