What are Charitable Remainder Trusts?
Charitable Remainder Trusts (CRTs), like charitable gift annuities, are life income gifts; you transfer assets now, receiving a charitable deduction for a portion of the transfer, and you or a beneficiary receives income for the rest of your life or a fixed period of time. Both you and the charitable organization can benefit from life income gifts such as these. You could also set up a testamentary CRT, to be established upon your passing. While you will not receive a charitable deduction, your estate will. With a CRT, you irrevocably put assets (cash, securities, etc.) in a trust. The trust then provides income payments of at least 5% annually to you or a named beneficiary. Depending on how you set up the trust, the payments will continue for a fixed period of time, or until the death of the beneficiary. At that time, the remaining assets are transferred from the trust to a charitable organization such as the James L. Maher Center. When you set up your CRT, you can designate how you w
