Charitable Remainder Trust Orange County

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Charitable Remainder Trust

What is a Charitable Remainder Trust (CRT)?

A charitable remainder trust (CRT) is an irrevocable trust, meaning it cannot be modified or terminated without the beneficiary’s permission.

A CRT is a tax-exempt trust designed to assist you in reducing the taxable income of the individual. It is designed to disperse income to the beneficiaries for a specific amount of time (no more than 20 years) and then donating the remainder of the Trust to the designated charity (IRS-approved).

This type of Trust is a “split-interest” giving vehicle. It allows the  trustor to make contributions while being eligible for a partial tax deduction and donate the remaining assets.

Now, the CRT can be considered to be the following: “charitable giving while generating income.” So you can effectively “secure a lifetime of income, save taxes, and benefit a charity.”

Charitable Remainder Trust

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What types of charitable remainder trusts are available?

  1.  Charitable remainder unitrusts or CRUTs
  2. The CRATs distribute a fixed percentage based on the balance of the trust assets (revalued annually) and can contribute other additional assets.
  • Charitable remainder annuity Trusts or CRATs
  1. The CRATs distribute a fixed annuity amount per each year, and additional contributions are not allowed.

To discuss your situation, to meet with us or to get your questions answered, please call our office to schedule an appointment: 888-318-4430.

Why should I allow a trust to manage my assets an appreciated property? 

 Well, there are countless examples of how a CRT works effectively, especially from a tax perspective. We would say to NOT sell any highly appreciated assets before reviewing the power of a CRT!

Concerning CRTs, what are the Pros and Cons?

Tax-exempt: You can reduce your taxes with a charitable income tax deduction. For example, consider the following:

    • Fund the CRT with cash: Donor can use a charitable deduction of up to 60% of the Adjusted Gross Income (AGI)
    • Appreciated real estate assets: Up to 30% of their AGI for the tax year
    • Can’t use the total deduction for the year? Can carry the deduction for up to 5 additional years.
  • Can convert appreciated assets into a lifetime or retirement income stream: The CRT can be structured to defer the payment stream and provide an income during retirement
  • Defer capital gains tax: Great for a highly appreciated property’s. You can defer the capital gains until the time it’s distributed out to the income beneficiary.
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    Why Consider hiring Hess-Verdon trust litigation attorneys

    We work efficiently to help individuals, families, fiduciaries, organization with the following:

    • Trustees
    • Beneficiaries
    • Individuals and families
    • Banks
    • Trust Companies
    • Charitable entities
    • Family Offices
    • Corporate Fiduciaries
    • Corporate Trustees
    • Business Owners

    Here at Hess-Verdon, we counsel clients on various aspects of estate disputes. Such as investigating potential claims, evaluating the merits of bringing a claim, filing or defending a claim, and when necessary litigating a claim through trial or settlement.

    With our expert team of trust litigators, in many instances, we can settle such proceedings without going to trial after taking into account the merits of the positions advanced by the respective parties and the tax rules applicable. 

    Rest assured, the Hess-Verdon team is here to help you. Unlike some other law firms, we are a full-service firm. Handling thousands of probate and trust litigation cases helps us know exactly steps are crucial for your case.

    Visit us in Fashion Island in Newport Beach. If you believe you need a team of attorneys, paralegals, and a helpful, caring staff, then read on.

    Trustee Removal

    Are you a Trustee or Beneficiary where protection of the Trustors wishes are being challenged and causing family disputes?

    Develop strategies on preempting a Trust dispute and discover What You Need to Know About the Trustee Removal Process

    Hess Verdon has a deep bench and knows both sides of the equation to remove or suspend a Trustee or to safeguard the Trustee from a frivolous legal process. Hess-Verdon top litigators will help you stay on track!

     

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    Attacked by a beneficiary who objects to how you, a Trustee, or Administrator, is handling an estate?

    Prevent Trustees from Making Some Common Mistakes. 

    Duties | Delays | Choices | Distributions

    Timing on each one is critical to avoid litigation

    Hess-Verdon has over 30 years of dealing with Beneficiary and trustee disputes. Let us review your situation. You’ll be glad you did. Contact us for a No Charge, No-Obligation Consultation.

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    Contesting a Trust

     Are You Considering Contesting a Trust or the most recent amendment? Was there a capacity issue or undue influence?

    Be Careful when contesting a trust and know the elements it takes to protect the trust assets. Reserve your rights before Statute of limitations happen!

    Hess-Verdon works hard to resolve Trust and Estate issues and preserve the estate by minimizing costly litigation. Contact us for a No Charge, No-Obligation Consultation.

     

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    Hess Verdon 3 Charitable Remainder Trust Orange County Attorneys

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    Jillyn Hess-Verdon

    Jillyn Hess-Verdon

    Managing Partner

    R. Kurt Ketchum

    R. Kurt Ketchum

    Associate Attorney

    David Crumpton

    David Crumpton

    Associate Attorney

    Stacy L. Olsen

    stacy l. Olsen

    Associate Attorney