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So this is just saying "When I die, donate anything left in the CRT to $charity. But as long as I'm alive, pay me $amount monthly?" That's..wild.
by llbeansandrice 5y ago
So this is just saying "When I die, donate anything left in the CRT to $charity. But as long as I'm alive, pay me $amount monthly?"
That's..wild.
- lotsofpulp 5y agoIn all my years, anytime someone says there’s this easy way to avoid taxes that no one is taking advantage of, it is because there is a catch or downside that does not make it worth it to be popular. In the internet era, information spreads pretty quickly, so I imagine a tax benefit will be quickly disseminated so either it is brand new or you should take it with a boulder of salt. https://www.investopedia.com/terms/c/charitableremaindertrust.asp https://www.investopedia.com/terms/c/charitableremaindertrus... In this case, this seems like a pretty big drawback. And I assume sure you cannot just set yourself up as beneficiary. > Charitable remainder trusts are irrevocable. This means that they cannot be modified or terminated without the beneficiary's permission. The grantor or trustor, having transferred assets into the trust, effectively removes all of her rights of ownership to the assets and the trust upon creation of its irrevocable status.