What is a charitable trust?
A charitable trust is a legal arrangement in which a donor transfers assets to a trustee for the purpose of achieving specific charitable goals. The trustee holds and manages the assets for the benefit of the designated charity or charities. In Nevada, charitable trusts are regulated by state disability planning law. The law requires that the charitable trust be created for exclusively charitable purposes, and that the terms of the trust are in writing and approved by the court. The assets transferred to the trust must be devoted to the charitable purposes stated in the trust, and any income generated by the trust must be used exclusively for charitable purposes. The trust also needs to be registered with the Nevada Secretary of State Office. Charitable trusts can provide significant tax benefits to the donor, while helping to ensure that the designated charity or charities receive the benefit of the donated assets in perpetuity.
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