Re: persfin-digest V5 #8

From: "Cal Lester" <cal_lester@email.msn.com>
Subject: Re: persfin-digest V5 #8
Date: Sat, 2 May 1998 16:45:03 -0400

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From: persfin-digest <owner-persfin-digest@lists.xmission.com>
To: persfin-digest@lists.xmission.com <persfin-digest@lists.xmission.com>
Date: Saturday, May 02, 1998 10:42 AM
Subject: persfin-digest V5 #8


>persfin-digest          Saturday, May 2 1998          Volume 05 : Number
008
>
>
>

>Date: Fri, 01 May 1998 17:32:20 -0400
>From: Joel Elias <joelhe@geocities.com>
>Subject: Charitable Annuities?
>
>I have read that it is possible to set up charitable annuities so that one
>receives payments for life, of which some part may be non-taxable, and some
>or all of the amount paid in to the annuity is deductible from current
>taxes. I was also told that one could fund such annuities with appreciated
>assets and avoid capital gains taxes. This sounds like it could be a useful
>retirement and estate planning tool for someone with no heirs and
>reasonable current income. I would like to learn more about using such
>annuities as a financial and estate planning tool.
>

>>>>        Joel, what you are referring to is called a "Charitable
Remainder Trust". This is an IREVOCABLE trust that you set up during your
lifetime. Generaly you transfer appreciated assets to the trust, receiving
some potential tax advantage for the donation. The Chartitable Trust then
gives you a "taxable" income for the balance of your life, in some fashion
based on the earnings of the trust. At your death, the asserts of the trust
are then transferred to the Charity for what ever purpose they choose.
                Please keep in mind that I an NOT an Attorney or a CPA. This
is basic information for your enlightenment. You should contact your own
legal counsel for legal advice. You should also contact National &
recognized local charities for thier specific information.
Cal Lester CLU
Insurance Course Coordinator
Broward Community College






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