A charitable remainder trust benefits your designated non-charitable beneficiary first, and then your charity beneficiary. The charitable remainder trust distributes a fixed percentage of the value to a non-charitable beneficiary for a certain amount of time; then the remainder goes to charity. In order to create a charitable remainder, it must be for a charitable purpose such as relief of poverty, advancement of education, advancement of religion, promotion of health, and governmental or municipal purposes.
Additionally, charitable trusts require a sufficiently large or indefinite class of beneficiaries so that the actual beneficiary of the trust is not a particular person or small group of readily ascertainable people. Our estate law team can prepare a charitable remainder trust to ensure your money goes exactly where you want it to. The grantor receives immediate tax benefits for the charitable gift. |
