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Build a Legacy - Charitable Remainder Trusts (CRT)
Gift and Estate Planning
Charitable Remainder Trusts (CRT)
A Charitable Remainder Trust (CRT) is a life income gift that enables you to give today (with immediate tax savings) while retaining use of the asset. After a prescribed period of time or upon your death, the asset is transferred to one or more charities.
In essence, you irrevocably transfer a property (investments, real estate, work of art, etc.) into a trust to be managed by a trustee (a financial institution, yourself, a lawyer or other individuals), name SickKids as the remainder beneficiary in trust, and reserve an interest in the property for life. The remainder interest in the property transfers to SickKids Foundation.
A trust document names the interest income beneficiary. You receive a tax receipt based on the net present value of the remainder interest.
The result of this planned gift is that you can receive income or use of the property during life.
The immediate tax deduction available to you depends on the value of the property, your age, beneficiary and other beneficiaries, and the period of time that the income interest will exist.
The tax receipted value of your remainder trust will provide an income tax receipt in the year of the gift and may be carried forward for the following five years. Our team will be pleased to discuss the many tax, estate and personal planning benefits of these trusts.
For more information on how you can build your legacy, please contact:
The Office of Gift & Estate Planning
phone: 416.813.8271
e-mail: gift.planning@sickkidsfoundation.com
Or complete our online request form.