According to Mexican tradition, spirits can smell marigold flowers! If you’ve seen the movie “Coco” or other media focused on Dia de los Muertos you may have noticed orange flowers interspersed with the skulls, candles, and other decorations. These flowers are marigolds ( cempasuchil in Spanish), and they’re said to have special powers. Marigold flowers smell incredible. They have a strong, musky, floral scent so intense that a single bouquet can perfume a room. In this aroma lies their superpower! According to legend, the scent of marigolds is strong enough that even the spirits of the dead can catch it wafting on the breeze. That’s why the flowers are an essential part of the altars families create for their late loved ones on Dia de los Muertos. “An altar just isn’t complete without [marigolds],” one Dia de los Muertos altar coordinator told NPR. “And if you believe what the Aztecs believed, then your ancestors need the scent to find their way back to you.” Some altars include just a few marigold flowers, but it’s also traditional to weave thick flower garlands measuring up to 50 feet. Keep an eye out for them during this year’s celebration! Did You Know?
Creating a charitable trust is a great way to protect your assets, save on taxes, avoid probate, and give to a cause you care about at the same time. If you’d like to leave part of your estate to charity, consider using either a charitable lead trust (CLT) or charitable remainder trust (CRT). WHAT IS A CHARITABLE LEAD TRUST? A CLT is an irrevocable trust that distributes assets to your chosen charities during your lifetime. You can specify the payment amounts, choose the duration of the payments, and pick the charities you want to fund. Once the trust term has ended, the remaining assets in your CLT are distributed to your chosen beneficiaries. Depending on how the CLT is structured, you may not receive an immediate tax deduction for the value of the assets transferred. If you choose to receive the deduction, then some of the assets may be subject to estate taxes. If you don’t, the entire amount will avoid estate taxes. Depending on the type of CLT, you may or may not be taxed on the income of the trust. Overall, a CLT generally provides tax savings. WHAT IS A CHARITABLE REMAINDER TRUST? A CRT is an irrevocable trust that distributes assets to you and your beneficiaries during your lifetime, and then gives the remainder to a charitable organization. A portion of the assets transferred are eligible for a charitable deduction. The biggest drawback of a CRT is that the distributions to you and family members are taxed as income. However, the assets transferred to the CRT are not subject to estate taxes upon death. This type of trust is great for reducing estate tax liability but not for reducing income taxes. Ultimately, the choice between a CLT and a CRT depends on your unique situation and goals. If your primary concern is reducing your tax liability and leaving a legacy to your loved ones, then a CLT may be a better option for you. If you want a trust that can provide an ongoing source of income for you and your beneficiaries during life and reduce estate taxes, then a CRT may be a better fit. To get started on a CLT or CRT for your estate, contact our office today. Which Is a Better Fit for You? Charitable Lead Trusts vs. Charitable Remainder Trusts
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