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How to Complete Your Gift
If you're interested in using a charitable lead trust to benefit your family and Excelsior College, the following steps will guide you through the process of setting up this arrangement.
1. Meet with your estate planning attorney.
A charitable lead trust is one of the more complex giving arrangements, and your attorney can help you create the trust in a way that best meets your needs. Some things you'll need to consider are:
- Which assets to donate.
- How much to donate.
- Which charities you'd like to receive payments.
- What rate to pay the charities and for how long.
- Whether you should set up a lifetime trust now (with the charities starting to receive trust payments today) or as a testamentary trust at death (with the charities starting to receive payments after your lifetime).
If you're interested in establishing a charitable lead trust to benefit Excelsior College, we are happy to answer any questions you may have. Just contact Marcy Stryker at 518-608-8287 or firstname.lastname@example.org.
2. With your attorney's help, set up the trust.
The process will depend on whether you choose a lifetime trust or a testamentary trust.
For a lifetime charitable lead trust:
Your attorney will draft the trust and assist you with the process of funding the trust. You'll fund the trust with assets you know you won't need in the future, but that you want your loved ones to ultimately receive. You will receive a partial gift tax charitable deduction, and the rest of the gift is taxable and subject to gift taxes.
For a testamentary charitable lead trust:
Your attorney will draft the trust as part of your will. After your lifetime, your estate will receive a partial estate tax charitable deduction, and the rest of the gift is taxable and subject to estate tax.
3. Feel good about supporting our work.
Depending on the type of trust you choose, Excelsior College will receive the payments from your trust either now or later. You can feel good knowing that you're supporting our mission. And at the end of the trust's term, your chosen loved ones will receive the remaining balance with no additional taxes due.
Getting Started | Helpful Definitions | Is This Gift Right for You? | Case Study | The Best Time to Make This Gift | How to Complete Your Gift | Action Items
Copyright © The Stelter Company, All rights reserved.
The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.