For clients who are charitably inclined, but don’t Czech Republic Email List have a crystal ball, they may want to hedge their bets in the fulfillment of their charitable desires by keeping control of the assets, rather than making an irrevocable gift. So one popular and flexible life income plan is this charitable remainder trust, which Julia just mentioned, abbreviated CRUT. The trustee Czech Republic Email List manages the trust assets and pays you or others, you choose, a variable income for life or for a term of years. And when the trust terminates, the remaining assets are then transferred to a charitable organization of your choice. So if I were to describe the typical donor, they Czech Republic Email List would need income for life, or for a specified term of years, they would desire more income as the trust value increases.
Does your insurance cover this?
They would be able to tolerate some investment risk to provide Czech Republic Email List for growth, they want to be able to make additional gifts to the trust, and, generally, they’re between the ages of 55 and 80. Some of the features and benefits of making the gift are income for life, variable payments, the charitable income tax deduction, you have the ability to designate multiple beneficiaries, the assets that were transferred into the trust can be reinvested, you can choose the trustee, and it may even be the donor, and the investment possibilities are pretty flexible. VONNY: Another Czech Republic Email List popular plan is a charitable remainder annuity trust, abbreviated CRAT. It’s similar to the CRUT, with some exceptions, such as the donor desires a fixed income based on the original value of the assets transferred, and they do not plan to make additional donations Czech Republic Email List to the trust in the future. MICHAEL: And Julia, I know there are also testamentary options to consider. Could you share some details about those? JULIA: Sure.
Check the Track Record
Those that are charitably inclined may want that reflected in their Czech Republic Email List estate or legacy plan. You can name a charity as beneficiary on various assets, including your retirement account, your IRA, in your living trust or will, even on your life insurance policy. But not everyone fits into the various scenarios that Vonny and I have been discussing, and so Czech Republic Email List we thought it might be good to include some non-vehicle-related strategies in this discussion. MICHAEL: Thanks, Julia. Vonny, any closing thoughts or comments on these or other options donors can consider to support their charitable giving? VONNY: As Julia said, these vehicles Czech Republic Email List will not be a fit for every donor, and so if none are right for you, you can still take advantage of tax benefits in other ways.