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The Charitable Remainder Trust (CRT) allows you to gift your property to charity, protect it from your creditors, save taxes, receive lifetime income, and still leave your heirs whatever amount you gifted to charity. As the trust grantor, you select a tax-exempt charitable organization as the beneficiary of the CRT. By funding the trust, you are making a charitable donation and are earning a tax deduction. As the lifetime income beneficiary, the trust will pay you an annual income. It’s the best of both worlds and a simple vehicle for protecting your assets.
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Asset protection is a necessity in this day and age of “money for nothing” mentality. Fifty million law suits are filed each year. Each of us will be sued 5 times during our lives. Will you brush your lawsuit off without worry or will one of those law suits permanently cripple you and your family financially? The time to plan is now.
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