Gifts by Trust
Charitable Income Lead Trust
The donor transfers money or property to a trustee who makes payments to the Steamship Historical Society of America for a specified number of years, and then the principle is returned to a designated non-charitable beneficiary, usually a family member. Gift and estate tax charitable deductions take effect if the trust takes the form of either a unitrust or an annuity trust.
Charitable Remainder Unitrust
Created when a donor transfers cash, securities, or other assets to a trustee in exchange for the trustee’s agreement to pay an income that is equal to at least 5 percent or more of the net fair market value of the trust assets as determined annually. The trust will terminate at the death of the last of the beneficiaries, and the corpus and accrued income will be distributed to the Society. An immediate income tax charitable deduction is allowed for the remainder value.
Charitable Remainder Annuity Trust
Established by a donor transferring cash, securities, or other assets to a trustee in exchange for the trustee’s agreement to pay a fixed sum of money to named beneficiaries, said amount to be at least 5 percent or more of the initial fair market value of the trust assets. The rate could also be a higher amount agreed upon by the donor and the trustee. Once established, the annual amount never changes. Payments are made to the donor/beneficiary or to anyone designated for life or a period of time not to exceed twenty years. At the death of the last beneficiary or the expiration of the term of years, the trust will terminate and the assets will be distributed to the Steamship Historical Society of America. An immediate income tax charitable deduction is allowed for the remainder value.
Revocable Living Trust
An agreement created by a person or persons desiring to provide for the payment of income to the donor or the Steamship Historical Society of America to assure the donor that he or she may have the assets of the trust available upon request, and that the assets will be transferred to a beneficiary at death without going through probate court. The beneficiary could be individuals or the Steamship Historical Society of America. Once established, this type of living trust may be the basis for establishing some other plan offering tax advantages either during lifetime or at death. For any payments paid to the Steamship Historical Society of America, there would be an immediate income tax deduction.
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