Christy Bieber has a JD from UCLA School of Law and began her career as a college instructor and textbook author. She has been writing full time for over a decade with a focus on making financial and legal topics understandable and fun. Her work has.
Christy Bieber, J.D. ContributorChristy Bieber has a JD from UCLA School of Law and began her career as a college instructor and textbook author. She has been writing full time for over a decade with a focus on making financial and legal topics understandable and fun. Her work has.
Written By Christy Bieber, J.D. ContributorChristy Bieber has a JD from UCLA School of Law and began her career as a college instructor and textbook author. She has been writing full time for over a decade with a focus on making financial and legal topics understandable and fun. Her work has.
Christy Bieber, J.D. ContributorChristy Bieber has a JD from UCLA School of Law and began her career as a college instructor and textbook author. She has been writing full time for over a decade with a focus on making financial and legal topics understandable and fun. Her work has.
ContributorAdam has resided at the intersection of legal and journalism for two decades. An award-winning journalist and legal strategist, he’s covered high-profile trials in Florida. After law school, Adam and spent two years clerking for a U.S. District Co.
Adam has resided at the intersection of legal and journalism for two decades. An award-winning journalist and legal strategist, he’s covered high-profile trials in Florida. After law school, Adam and spent two years clerking for a U.S. District Co.
Adam has resided at the intersection of legal and journalism for two decades. An award-winning journalist and legal strategist, he’s covered high-profile trials in Florida. After law school, Adam and spent two years clerking for a U.S. District Co.
Adam has resided at the intersection of legal and journalism for two decades. An award-winning journalist and legal strategist, he’s covered high-profile trials in Florida. After law school, Adam and spent two years clerking for a U.S. District Co.
Updated: Jan 25, 2024, 7:00am
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Charitable remainder trusts are an estate planning tool that can be used to claim tax breaks and set yourself up to receive income—all while giving money to nonprofit organizations. You can create one as you make plans for what happens to your assets after your death—but you’ll want to ensure doing so is the right choice for you.
This guide explains all you need to know about how this type of trust works and whether it should play a role in helping to secure your legacy.
Trusts are legal arrangements that manage distribution of property. You create them, fund them by making the trust the owner of property, designate a trustee to manage the assets you put into the trust and name someone to be a beneficiary for whom trust assets are used.
People create trusts for different reasons and there are different kinds of trusts, including a charitable remainder trust (CRT). This is an irrevocable trust created by someone called a grantor. When creating a CRT, the grantor:
The non-charitable beneficiary receives income from the trust for a designated period of time, after which time the remaining assets are transferred to the charity.
So, this is a method of giving money to a charity and getting an up-front tax deduction for doing so, while creating a trust that provides income to you or another chosen beneficiary.
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ContributorChristy Bieber has a JD from UCLA School of Law and began her career as a college instructor and textbook author. She has been writing full time for over a decade with a focus on making financial and legal topics understandable and fun. Her work has appeared on Forbes, CNN Underscored Money, Investopedia, Credit Karma, The Balance, USA Today, and Yahoo Finance, among others.
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