Gain an understanding of how to implement charitable remainder trusts for your clients.
Second, only to the charitable gift annuity, the charitable remainder trust (CRT) is the most commonly used vehicle for what is called 'planned' charitable giving. In its present form, the CRT has its origins in the Tax Reform Act of 1969. Both the 1969 legislation and further revisions in 1997 were intended to curb certain abuses, which we will discuss. Properly structured, the CRT can allow the trust settlor to defer recognition of capital gain over twenty or more years while affording a significant charitable income tax deduction at the front end. The device can also be useful in prenuptial and divorce planning.
We will look at the basic structure of the CRT, frequently encountered issues in drafting and trust administration, and some planning opportunities. We will examine in some detail the differences between the annuity trust (CRAT) and the unitrust (CRUT), and among the various subspecies of unitrust arising from the choice to impose a net income limitation on the payout, with or without makeup, and with or without a mechanism to flip the net income trust to a straight unitrust payout.
You will be able to identify situations in which a CRT is or is not an appropriate planning vehicle, explain how to structure the trust to meet the client's planning objectives, and recognize situations in which an existing trust might require a judicial or nonjudicial reformation, or in which the income beneficiary might want to accelerate the remainder.
Agenda
Faculty
Russell A. Willis, III, J.D., LL.M.
Planned Gift Design Services
- Freelance paralegal consultant to advisors for nonprofits and their donors in structuring charitable contributions of closely held business and real property interests to serve the mutual advantage of all parties
- Manager of noncash research for Charitable Solutions, LLC, a planned gift risk management consulting firm headed by Bryan Clontz
- Provides legal research and advice on income and transfer tax planning more generally and writes the occasional trial or appellate brief
- For ten years, was writer and editor for a subscription website that provided daily coverage and in-depth analysis of developments in tax law affecting charitable gift planning
- Six years ago launched his own newsletter, the Jack Straw Fortnightly
- Back issues and authored papers posted to https://www.plannedgiftdesign.com/
- Has spoken at several national and regional conferences and to local and regional planned giving roundtables, community foundations, and bar associations
- J.D. from St. Louis University, LL.M. in taxation law from Washington University in St. Louis, undergraduate degree in English literature from Indiana University Bloomington master’s in Humanities from the University of Chicago
- Can be contacted at [email protected] or 314.566.3386
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