One method of making a gift with a retained right to income is a charitable remainder trust. Let’s look at some of the benefits a charitable remainder trust can provide:
A gift to a charitable remainder trust qualifies for an immediate income tax deduction, even though income is to be paid to the donor (and/or other beneficiaries) for life. The exact amount of the charitable deduction depends on the:
Despite the tax and financial benefits of a charitable remainder trust, you should consider this kind of arrangement only if you and your advisors determine it is compatible with your overall estate, tax, and financial plan.
Contact us for more information about charitable remainder trusts.
Making a planned gift—whether by including a bequest to the Museum in your will or by naming CHM as the beneficiary of a charitable remainder trust, life insurance policy, or retirement fund—provides essential support for the Museum’s future. Planned gifts can offer significant tax advantages and in some cases generate lifetime income for you or your chosen beneficiary.
Learn more about Estate and Gift Planning at CHM.
For a deeper look into various estate gift topics, explore our Planned Giving Resources Library.
For more information on how these gifts might work for you, contact us to learn more about Estate and Gift Planning.