If you are a philanthropist you have probably given some thought to how you can continue your philanthropic endeavors in your estate plan. Although they are numerous ways in which you can gift in your estate plan, a charitable trust is one way in which your gift can live on forever. The Sailors’ Snug Harbor trust is an excellent example of how a charitable trust should work.
The Sailors’ Snug Harbor trust was created over 200 years ago, in 1801 to be exact. Captain Robert Richard Randall established the trust through his Last Will and Testament by directing that his assets be used to fund the trust. The trust was to be used to create an “asylum, or Marine Hospital to maintain and to support aged, decrepit, and worn-out sailors.” In an interesting side note, there does not appear to be any evidence that “Captain” Randall ever actually sailed a ship. Nonetheless, the trust he established for old sailors is still going strong today, over two centuries later.
Much of the reason for the success of Randall’s trust is because of his choice of trustees. Randall appointed eight influential men in important positions in the community to be the trustees of the trust forever. Since its inception the trust has helped over 15,000 sailors by providing housing, food, and financial assistance to them. If you think you, or a loved one, could benefit from the trust, If you want to include a charitable trust in your estate plan, talk to your estate planning attorney.
- My Parent/Spouse Shows Early Signs of Dementia. Can We Still Do Medicaid Planning? - July 20, 2015
- What Happens to a Living Trust When One Spouse Dies? - July 13, 2015
- Medicaid Spousal Impoverishment Rules - July 7, 2015