Retire With Purpose - The Retirement Podcast 411: How Charitable Remainder Trusts Can Help Maximize Your Retirement Savings
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Dec 29, 2023 Learn about maximizing retirement savings with charitable remainder trusts, including how they provide lifetime income, reduce taxes, and benefit charities. Understand the considerations and uses of CRTs, such as cash flow needs, deductibility limits, and staggering trusts for maximum deductions. Explore how CRTs can diversify investments, reduce taxable gains, and provide supplemental retirement income.
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Charitable Giving and Tax Reduction
- Consider charitable remainder trusts (CRTs) to reduce taxes and support charities.
- CRTs offer tax benefits and can be advantageous even for those not primarily focused on charitable giving.
Understanding CRTs
- A charitable remainder trust (CRT) is a split-interest trust benefiting you and a charity.
- You receive income while alive, and the remainder goes to the charity upon death.
CRT Income and Beneficiaries
- Set up a CRT to receive income from the trust, with rates from 5% to 50% of the assets.
- Consider lifetime income for supplemental retirement income.