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Looking for a way to give the CMC Foundation a significant gift? If you have built up a sizeable estate and are also looking for ways to receive reliable payments, you may want to check out the advanges of setting up a charitable remainder trust.
Benefits of a charitable remainder trust include:
There are two ways to receive payments with charitable remainder trusts:
The annuity trust pays you, each year, the same dollar amount you choose at the start. Your payments stay the same, regardless of fluctuations in trust investments.
The unitrust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. The amount of your payments is redetermined annually. If the value of the trust increases, so do your payments. If the value decreases, however, so will your payments.
Susan, 75, wants to make a gift to the CMC Foundation but would also like more income in the future. Susan creates a charitable remainder unitrust with annual lifetime payments to her equal to 6 percent of the fair market value of the trust assets as revalued annually. She funds the trust with assets valued at $500,000.
Susan receives $30,000 the first year from the trust. Subsequent payment amounts vary each year depending on the annual valuations of the trust assets. She is eligible for a federal income tax charitable deduction of $276,880* in the year she creates and funds the trust. This deduction saves Susan $88,602 in her 32 percent tax bracket.
*Based on annual payments and a 3.2 percent charitable midterm federal rate. Deductions and calculations will vary depending on your personal circumstances.
Submit a few details and see how a charitable remainder trust can benefit you.
Legal name: Colorado Mountain College Foundation, Inc.
Address: 802 Grand Ave., Glenwood Springs, CO 81601
Federal tax ID number: The Foundation’s 501c3 identification number is 74-2393418.
See which type of charitable trust best fits your estate plan with the FREE guide Trusts: Choose From Two Ways to Donate.View My Guide