What is a charitable trust?

A charitable trust is a type of trust used in estate and disability planning law in Rhode Island. It is a legal arrangement in which an individual or organization (the grantor) gives money, property, or assets to another individual or organization (the trustee) for a specific purpose. The purpose of the charitable trust is to benefit a charitable organization, such as a church, school, or non-profit organization. The trust may also provide tax relief for the grantor by allowing them to deduct the value of the contributions made to the trust. The trustee will then manage the trust assets and use them to benefit the charity. Additionally, the trustee must ensure that the assets are not used for any other purpose than the intended charitable purpose. A charitable trust is an important tool in estate and disability planning law in Rhode Island, as it allows individuals to support a charitable cause while taking advantage of potential tax benefits.

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