I don’t want this to sound like a gimmick or some slick way to raise money from gullible elderly church members. That is not what a Charitable Remainder Trust is. The Charitable Remainder Trust can be an wonderful part of a person’s retirement/estate plan. What makes it so wonderful? Here’s a list:
- Guaranteed Income for Life: This will supplement social security and pension income. Rule of thumb is that you will receive 5% back on any assets you entrust…for life…and it will likely grow.
- Protection of Assets: No one wants to see the financial assets that they accumulate during their lifetime dwindle away paying for nursing home care. These Trusts are irrevocable which protects them legally.
- Lowering your Taxes: I don’t understand all this part, but it’s pretty clear that you will be lowering your tax bill considerably.
- Supporting the Charities you Love: Many people fail to do any estate planning. After you pass, the assets of the Trust will go to benefit the charities of your choice.
Check out the video below:
- Understanding CRT’s: https://www.estateplanning.com/Understanding-Charitable-Remainder-Trusts/
- Fidelity’s Explanation: https://www.fidelitycharitable.org/guidance/philanthropy/charitable-remainder-trusts.html