Establishing a CRT
The IRS has issued sample literature for several different
types of Charitable Trusts (CRAT's, CRUT's, single life, joint
life, etc,) however; this is not a "do it yourself"
area of Estate Planning. Small simple errors can create major
consequences and even disqualify the trust altogether.
For example, you may want to name your Donor
Advised Funds Account as the charitable recipient for
the remainder interest of your Charitable Trust. Certain provisions
should be included in your trust document to allow for that
to happen. Without these provisions, the Donor Advised Funds
Account may not be able to receive the remainder. This is
one example of why it's important to have a competent attorney
who is familiar with CRT's assist in setting up an appropriate
CRT document suited to meet your individual needs and goals.
The financial advisor handling a CRT investment account needs
to be aware of the proper way to manage assets inside of a
CRT. Assets inside a CRT account need to managed differently
than a typical brokerage account most advisors are accustomed
to managing. Four-tier accounting, the accounting methods
used in CRTs, makes managing assets in a CRT a necessary specialty.
Again, there are a few small errors a financial advisor can
make that can create serious problems for the Charitable Remainder
Trust and can even cause the trust to be disqualified or taxable
by the IRS. Because of these differences, it is important
that the Financial Advisor managing a Charitable Trust account
be well versed on the topic of CRT's and how to properly manage
those accounts. Click
here for a copy of our CRT Financial Advisor Questionnaire.
The questionnaire is designed to help you evaluate the CRT
knowledge of a financial advisor you may be considering to
manage your CRT assets.
Harding Financial Services, LLC
Tom Harding is the owner and Author of CharitableRemainderTrust.com.
Since the web site was established back in 1998 Tom and his
staff have advised people in nearly every state on the topic
of Charitable Estate Planning. Tom has also worked with numerous
Charities and Universities assisting donors with Charitable
Planning to benefit those charities and institutions as well
as the donors themselves.
“We operate the branch with a TEAM approach”.
All the financial advisors in the branch are proficient in
the area of Charitable Estate Planning. One of the partners
is also a CPA. "By focusing our efforts on charitable
estate planning we can help donors manage their charitable
funds appropriately, the TEAM approach helps us deliver top
quality advice and assistance with a high degree of service".
We also shop for the best rates for insurance policies if
a Wealth Replacement
Trust is included with the charitable plan. With the top
quality services and products available to us we have the
ability to manage the assets in a fee based or commission
based account. Because we are independent, we can often deliver
our services at lower costs than most full service brokerage
firms without sacrificing quality and service. Simply put,
this is the area of the financial services business we have
decided to focus on. That focus and experience is a benefit
we bring to the table for anyone looking to include a charitable
aspect to their estate plan.
Let us help you establish your CRT
We have the knowledge, skills and recourses to properly manage
your CRT based on your charitable estate planning goals.
Go ahead and contact us today to explore the options of establishing
a Charitable Remainder Trust. We think you will find it a
rewarding and pleasant experience. A Financial Advisor is
available Toll Free at: 800-535-4720 Monday thru Friday 9-5
EST to answer your questions and can help you determine the
best way to go about establishing your CRT account today.
Harding Financial Services, LLC
The information contained on this site is for educational
purposes only, it is not intended to be professional tax or
legal advise; consult a tax advisor about your specific situation.