The purpose of a trust is to protect and hold a person’s assets for the benefit of another individual or an organization. A trust can specify how and when assets are passed onto this beneficiary. There are many different types of trusts, which are each designed for a particular purpose. One type of trust under Florida law is called a charitable trust.
The most common charitable trust is called a charitable remainder trust. When setting up a charitable remainder trust, the first step is to choose a charity to be the beneficiary….