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> Here's one - a Charitable Remainder Trust (CRT) allows you to donate your wealth, get a tax deduction on it and setup an income stream from it for as long as
by PragmaticPulp 5y ago
> Here's one - a Charitable Remainder Trust (CRT) allows you to donate your wealth, get a tax deduction on it and setup an income stream from it for as long as you're alive before the funds go to charity.
The catch, of course, is that the funds actually get donated to charity in the end.
It's not so much that people are unaware that this exists. It's that it's not actually an attractive option for most people who wish to leave their inheritance to their children.
- sakopov 5y agoThere is definitely a catch and the catch is that you still pay taxes on that stream of income, but not as much as you would have if you paid the tax on capital gains and yes, some funds still go to charity in the end. Like I said, my description was simplified for brevity. Here's the full video [1] about this as it pertains to crypto (but it doesn't have to). He goes into explaining how to actually distribute the wealth to your family after your death (via Irrevocable Life Insurance Trust) at the end of the video. [1] https://www.youtube.com/watch?v=7CMks9_PVqs https://www.youtube.com/watch?v=7CMks9_PVqs