A Charitable Lead Trust (CLT) is a type of trust designed to provide financial support to one or more charitable organizations for a set period, after which the remaining assets pass to the trust's beneficiaries, typically family members of the grantor.
In a CLT, the grantor places assets into the trust, and a charity receives annual payments from the trust for a specified term. After this term expires, the remaining trust assets revert to the grantor's designated beneficiaries, usually heirs.
The initial transfer to the CLT might be eligible for a gift tax deduction based on the present value of the income interest granted to the charity. CLTs can be an effective tool for individuals looking to support charitable causes while also passing on assets to their heirs, potentially reducing estate and gift taxes.
Estate Planning: Utilized to minimize estate taxes and support charitable causes as part of a comprehensive estate plan.
Tax Law: Offers tax benefits, including deductions for the value of the charitable interest provided, subject to IRS rules and regulations.
Many believe that a Charitable Lead Trust primarily benefits the charity.
While charities do receive funds for a certain period, the ultimate goal of a CLT is often to pass assets to the next generation with tax efficiency, making it a strategic tool for estate planning that benefits both charitable organizations and heirs.
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