Your questions show that you have really been doing some research around estate planning and for that you are to be commended. I checked with Doug Rothermich, Vice President of TIAA-CREF’s Wealth Planning Strategies, who shared these insights:
A Charitable Remainder Trust (CRT) is a “split-interest” trust, where you retain an interest in the trust for yourself or for other beneficiaries for a specified period, followed by the trust property being distributed to designated charitable organizations.
CRTs are often used to provide you or your beneficiaries with income for life and give you a current income tax charitable deduction.
The tax information provided above is not intended to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties. It was written to support the promotion of the Wealth Management Group services. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.
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