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Charitable Remainder Trust (CRT)

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Beneficiaries within a CRT include your income beneficiaries, usually you, your spouse or children, and the charity you select to receive the remainder of the funds. If you are interested in setting up a CRT for your estate, discuss your plan with our Springfield estate planning attorneys at Worsham Law Firm today. We can review your estate and your goals, and help you come up with a thorough charitable trust plan.

OPTIONS FOR RECEIVING FUNDS FROM YOUR CRT

After you have designated a charity to receive the benefits from your trust, you then decide how you want to receive income from your trust in your lifetime. One option is to receive a designated amount each year. This is called a "fixed annuity" income, and you cannot change that income amount for the remainder of your lifetime, nor does it adjust for inflation.

Alternatively, you can receive a designated percentage of that trust each year. This has the advantage of increasing as the trust earns more money, and it does respond to inflation. Our estate planning lawyers can review your distribution options with you and advise you as to the best arrangement for your CRT income.

Benefits of a charitable remainder trust include:

 

You are allowed to receive funds
from your charitable remainder
trust during your lifetime.

 

Income tax deduction as a result of your donations to charity.

 

The trust does not become a tax
liability for your successors in the
event of your death, since
it is not a part of your estate.

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