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What is a charitable remainder trust?
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By Barry Fernald, development Advisor
A charitable remainder trust is a gift that pays an income to the donor or designated income beneficiary or beneficiaries for a term of years or for the lifetime of the beneficiaries. At the death of the last income beneficiary, the trust transfers the remaining funds to a charitable entity, such as Children’s Cancer Research Fund.
What are the benefits?
- The donor or beneficiary receives an income, often five to seven percent of the trust’s asset value
- Charitable remainder trusts offer significant tax benefits (consult with your financial advisor for details)
- Allows individuals to make legacy gifts to organizations like Children’s Cancer Research Fund
What is a charitable remainder unitrust?
A charitable remainder unitrust pays the donor or beneficiary an amount based on a fixed annual percentage of the market value of the assets in the trust, which is assessed annually. If the trust value changes, the payment to the beneficiary changes. At the end of the trust’s term, the remainder is donated to a charity, such as Children’s Cancer Research Fund.
Barry Fernald is an estate and trust lawyer at Fredrikson & Byron, P.A. in Minneapolis. His email address is .(JavaScript must be enabled to view this email address) and his telephone number is 612-492-7147.
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