St. Petersburg Charitable Remainder Trust Lawyer
A charitable remainder trust (CRT) is a sophisticated estate planning tool that allows you to support the causes you care about while benefiting from significant tax advantages and providing income for yourself or your loved ones. At Drude Tomori Law, we help clients create and manage CRTs as part of a comprehensive estate plan customized to their needs, ensuring your charitable giving aligns with your personal and financial goals. Contact our St. Petersburg charitable remainder trust lawyer to learn more about how this type of trust can mesh with and complement your estate plan.
What Is a Charitable Remainder Trust?
A charitable remainder trust is an irrevocable trust that provides income to designated beneficiaries for a specific period or for life. After this period ends, the remaining assets in the trust are donated to a qualified charitable organization.
There are two main types of CRTs, Charitable Remainder Annuity Trusts (CRATs) that provide a fixed annual income to the beneficiaries, and Charitable Remainder Unitrusts (CRUTs) that pay beneficiaries a percentage of the trust’s assets, which are revalued annually.
Benefits of a Charitable Remainder Trust
Establishing a CRT offers several advantages:
- Income Stream: Beneficiaries receive regular income from the trust for a set term or for life.
- Tax Savings: Donors may receive an immediate income tax deduction for the value of the charitable remainder and avoid capital gains taxes when funding the trust with appreciated assets.
- Philanthropic Legacy: The trust allows you to leave a lasting impact by supporting charitable causes that are meaningful to you.
- Estate Tax Reduction: Assets transferred to the CRT are removed from your taxable estate, reducing potential estate taxes.
How CRTs Work in Estate Planning
A CRT can be funded with various types of assets, such as cash, stocks, or real estate. Once the trust is established, you transfer assets into the trust. Beneficiaries then receive payments for the term of the trust or their lifetime. At the end of the trust term, the remaining assets go to the chosen charity. This approach combines philanthropic giving with strategic estate planning, benefiting both your heirs and the community.
Why Work with Drude Tomori Law?
At Drude Tomori Law, we provide personalized guidance and expert assistance to help you maximize the benefits of a CRT. We will create a CRT tailored to your financial goals and charitable intentions while advising on strategies to maximize tax savings and compliance with IRS rules. We can help identify the best assets to fund the trust for optimal benefit and coordinate your charity options to ensure your chosen charities meet IRS requirements and align with your values.
We provide ongoing support throughout the duration of the trust, assisting with trust administration to ensure it operates smoothly and effectively over time. We are dedicated to helping you achieve both your financial and philanthropic objectives.
Start Planning Today with a St. Petersburg Charitable Remainder Trust Lawyer
A charitable remainder trust is a powerful way to secure your financial future while making a meaningful difference. Let Drude Tomori Law help you incorporate a CRT into your estate plan. Call us at 727-300-8900 or contact us online to schedule a consultation. Together, we can design a plan that reflects your legacy and values.
