Charitable Trusts Defined
June 16th, 2008 | by admin |The trusts which are primarily formed for the advancement of a purpose as against the furthering of the interests of a person are classified as charitable trusts. Its main purpose is to act for the benefit of public at large. The regulations that govern charitable trusts are much more liberal as charitable trusts compared to any purpose trust that has been formed for a specific person. There are four basic principle of the Common Law system, which stand in favor if charitable trust Certainty of Objects, The Perpetuity Rule, the Cy Pres Rule and Fiscal Privileges. Donations to a trust which is covered under Section 501(c) of the Internal Revenue Code are tax deductible.
