If you are trying to figure out what a charitable remainder trust is, or if you already have one, then here is a good new idea for you. Instead of trying to figure out what that is, let me show you how it can be utilized by any charitable organization. Here is how it works.
To make the most out of your charitable remainder trust, just think about how much money you can possibly save if you had started making donations early. Just imagine the first day that all the funds are given to charity. You don’t have to believe it will happen, you just have to believe that it could.
Then, look at what you can do, or how you can increase donation amounts. Imagine a potential or maximum amount that you can donate to your chosen charity every year that is doubled, tripled, quadrupled or quintupled.
How A Charitable Remainder Trust Can Save You Time and Money
That’s donations made each year and not a single cent for yourself! You have not only decreased your taxes but you’ve increased your financial well being.
In a nutshell, a charitable remainder trust can help you save time and give your donations the added advantage of being more tax efficient. This is why so many charities now are turning to these trusts to help them save time and to meet their goals in a very effective way.
Using a charitable remainder trust is really quite simple. You fill out a spreadsheet. Then you enter in the things that are important to you.
The money you plan to give goes into a segregated account, away from your own money. You just don’t need to worry about what your charity might do with the rest of your money. You simply let your organization handle that part.
{Tcharitable remainder trust spreadsheet | distribution statements} After you have created a trust, you then transfer money into it. Don’t worry about whether or not the money is yours; the good news is that the charity can still use it if they choose. When it comes time to distribute the money, you simply mail your donation over to the charity.
When you are doing the things to create your charitable remainder trust, remember that you are creating a charitable remainder trust. So the very first step is to write down all of the things that are involved.
You need to decide what amount of money is going to go into the specific portion of the trust. Also, what is going to happen to the rest of your money. Make sure that you account for it all.
Finally, don’t forget to include your personal information. Keep it close to your heart. Make your contribution count and get the most out of it possible. YOU MUST LOOK : certification tracking spreadsheet
