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Charitable Lead Trusts Charitable lead trusts may be structured to provide Extra Hands for ALS with a current income stream (either a fixed dollar amount or a fixed percentage of the trust principal as revalued each year) from the assets of the trust, with the trust remainder passing to your family with significant estate and gift tax savings at the end of the trust term. You may establish an inter-vivos charitable lead trust during your life which will provide a charitable deduction for gift tax purposes or you may establish a testamentary charitable lead trust pursuant to the terms of your Will, which will provide for a charitable deduction for estate tax purposes. The value of the gift is determined at the time the trust is funded, and future appreciation passes to the remaindermen free of estate or gift taxes. For example, assume you have a child to whom you would like to transfer a piece of commercial real estate (or other income producing property) to remove the asset from your estate. Assume also that you do not need the income stream from the property. By transferring the property into a charitable lead trust you can (1) provide Extra Hands for ALS with an income stream for a fixed number of years, (2) claim a gift tax charitable deduction for the contribution, which will offset or eliminate the tax on the gift to your child, (3) pass on future appreciation in the value of the underling asset to your child without additional tax and (4) completely remove the property from your estate, thereby avoiding estate taxes on the value of the property at your death. For more information on how a planned gift may benefit you, your family or Extra Hands for ALS, please consult with your attorney and financial planner. The information provided herein is not intended to serve as legal or tax advice and is merely provided for your consideration. Please consult with your own accountant and/or attorney to determine the best type of gift for your personal and charitable objectives and to assess the implications of a donation on your individual tax status. |
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