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Charitable Remainder Trusts By creating a Charitable Remainder Trust you can provide an income stream (based on the fair market value of the assets of the trust determined annually or based on a percentage of the initial value of the trust) to beneficiaries of your choice (including yourself) and pass the remainder of the trust assets to Extra Hands for ALS at end of the trust's term. By placing property in a Charitable Remainder Trust, you will receive a partial charitable deduction equal to the value of the charitable remainder interest. For example, assume you wish to contribute $200,000 of publicly traded appreciated securities that you have owned for several years to the foundation, but you and your spouse are nearing retirement age and you anticipate needing the income from the asset to supplement your retirement benefits. Your cost basis in the securities is $120,000. You can contribute the securities to a charitable remainder trust, naming your 67-year old spouse as the income beneficiary and setting the annuity payment at six percent (6%). Your spouse will receive a payment of $12,000 (or 6% of the initial trust principal) for life. The gift will qualify for an income tax deduction equal to the present value of the remainder interest (based on your spouse's life expectancy). You also may defer the capital gains tax on the $80,000 of appreciation in the stock. At your spouse's death, the securities would pass to Extra Hands for ALS for the purpose specified in the trust. You may also create a charitable remainder trust under the provisions of your Last Will and Testament and may receive a charitable estate tax deduction equal to the actuarial value of the charitable remainder interest. 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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