What is a charitable remainder trust?

A Charitable Remainder Trust (CRT) is a way to generate income in retirement while being generous with your assets. This type of trust is typically for assets that you probably won’t pass down to the next generation. Instead, you can help out a nonprofit of your choosing. This works by you moving assets, either cash or highly appreciable assets, into the charitable remainder trust. Income from those assets can then be passed back to you. When you pass away, the income stream would stop and the assets inside the trust would then go to a nonprofit. There is a cost to create a Charitable Remainder Trust, but it’s fairly minimal if you look at the benefits of it long-term.

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Casey Smith
President, Wiser Wealth Management

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By Published On: February 22, 2024

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