Charitable Remainder Trusts
The Advantages of a Charitable Remainder Trust
Created by Congress in 1969, a CRT, as it is commonly known, allows you to make an irrevocable gift of appreciated securities, cash, or other assets to a trust that you set up; the beneficiary of which is a recognized non-profit. For the remainder of your life, you (or a party you designate) will receive the investment income from the assets held in the trust. Upon your death, the principal value of the assets becomes the property of the charity which you named.
An Example of How It Works
1945 WVSU graduate Edna Thomas had been a longtime donor to the University. In order to provide a vehicle for additional income during her lifetime, while ensuring ongoing support to WVSU she set up a Charitable Remainder Trusts (CTR). Once established she had an additional income source and upon her death the remaining assets reverted to the University to continue funding the programs she had long supported.
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Download My FREE Personal Estate Planning KitInformation contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.