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Home > Video Gallery > What is a Charitable Remainder Trust?

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What is a Charitable Remainder Trust?

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Transcript:

Charitable Remainder Trusts are not just for the wealthy. Many people who have modest means will find a Charitable Remainder Trusts to be very beneficial. For instance if you have a stock that is highly appreciated or real estate that is highly appreciated and you want to avoid substantial capital gains, it’s possible to transfer that stock or real estate into a trust and have it sold by the trust and avoid the capital gains.

You then can turn an asset that may be was providing one or two percent dividend into a return of six or seven percent or more depending upon your age. This can be very beneficial for many people. It can be done for a single person or for a couple and on top of that, when this is created you get a charitable deduction to be used on your income tax returns for a year or two or three years, saving substantial income taxes.

So this is a vehicle that has worked many times for my clients. They find it very useful and again, it’s for people of modest means. You don’t have to be very wealthy and then you have the distinction and pleasure of knowing that eventually you’re charity of choice will receive a benefit at the conclusion of that trust.

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