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Apr 2, 2024

Kim and Spencer discuss the concept of Charitable Remainder Trusts, an estate and wealth planning tool that not many people are familiar with. The hosts explain that these trusts allow individuals to donate assets, particularly highly appreciated ones, to a charity while avoiding substantial capital gains taxes that would be incurred as a result of selling these assets. The individual also receives a consistent income stream from the donated asset throughout their lifetime. Notably, these trusts are particularly beneficial to older individuals. One commonly overlooked step in the process, though, is the acquisition of life insurance to ensure that their family is not left without an inheritance when the individual passes away and the remaining value of the asset goes to the charity.

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Best-selling author Kim Butler and Spencer Shaw show you how to take more control of your finances. Tune in to The Prosperity Podcast to learn more about Prosperity Thinkers thinking and strategies today!

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Show Notes

  • Who can benefit from a charitable remainder trust
  • Dispelling the myth that it is only for those with millions in assets
  • Family dynamics and the need for life insurance when setting up charitable remainder trusts
  • How life insurance and charitable remainder trusts work together
  • What happens when you donate an asset to a charity
  • The potential challenges that come up when a charity inherits the asset
  • What happens when things could go sideways
  • Real-life scenario of someone who used a charitable remainder trust to their advantage
  • Reaching out to your preferred charity to find out their experience with charitable remainder trust

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