Charitable Remainder Trust
Thank you for considering a Charitable Remainder Trust to the Conventual Franciscan Friars of the Province of Our Lady of Consolation.
A charitable remainder trust provides a periodic payment to the named income beneficiaries, you, your spouse or other loved ones, and is payable at least annually. This type of gift is best considered by donors who are giving highly appreciated assets, and the tax savings tied to the amount of the gift vary by the type of charitable trust to be chosen by you and your tax advisor. (Gifts of $100,000+)
The amount of the beneficiary’s payment must be no less than 5%, calculated as a fixed percentage of either the initial value of the assets donated to create the trust, or as annually re-valued at the beginning of each calendar year. At the death of the named income beneficiaries, any funds remaining in the trust are then distributed to the friars.
To create a charitable remainder trust you will need the guidance of an experienced legal professional.
As soon as a gift is received and matched to a donor, the Mission Advancement Office sends an acknowledgment letter stating the nature of the gift, the gift valuation date, and the gift valuation amount and a clarification statement indicating no goods or services were exchanged for the gift.
The Province of Our Lady of Consolation is a tax-exempt 501(c)(3) organization (EIN # 35-6019627) and does not provide tax, legal, or financial advice. Any document or information shared by our staff is intended to be educational. We strongly encourage donors to seek counsel from their own legal and financial advisors.