Charitable Remainder Trust
What is a Charitable Remainder Trust?
Charitable remainder trusts are flexible instruments that enable you to:
- Claim a charitable tax deduction in the year the gift is made
- Provide an income stream for you or someone else
- Remove assets from your taxable estate
You can place an asset in a trust and designate a trustee to manage the trust. From that trust, you (or a person that you have named) receives a specified sum at set intervals—usually every quarter. When you or beneficiary dies, or after the predetermined number of years, what's left in the trust (the "remainder") goes to Bay Path College and/or other charitable organizations. The annual payments differ according to the kind of trust.
Please check with your financial advisor if you have specific questions about charitable giving and its income tax implications.