Thursday, May 20, 2010

Charitable Remainder Trust

With anything there are pitfalls. The Charitable Remainder Trust is a great way to give appreciated property to your favorite charity while getting tax deductions for yourself. We often refer to this type of trust as the gift that gives back.

However, you must understand how this type of trust works and make sure it is right for you. It is an irrevocable trust which therefore can not be changed or terminated once it is set up. Of course there are ways available to make changes or terminate BUT at a cost of time and money. If the person setting it up and the charity receiving the benefit should agree to a proposed change or termination then court approval should be sought. Also, the Attorney General's office should be notified since the Attorney General's office handles charitable organizations.

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