What are the benefits of creating a Charitable Remainder Trust?
The benefits of creating a Charitable Remainder Trust can include the following:
- The Trustmakers win by: (a) gaining a lifetime income, while avoiding capital gains tax upon the sale of appreciated assets; (b) obtaining an immediate income tax deduction that can be carried forward for up to five years; (c) achieving a possible estate tax savings; and
- (d) creating a wonderful opportunity to accomplish their charitable dreams;
- The Trustmaker’s chosen charities win by being the recipient of the Trustmaker’s philanthropy; and
- Society wins because charities will promote social good and wisely use “social capital.”
If any of these benefits sound intriguing, then the Charitable Remainder Trust might be just the answer to your estate planning needs.