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As you are all aware, we are currently facing unique challenges due to the Coronavirus. While this is a serious crisis, it is important to keep it in perspective, and not allow it to prevent us from going about our business. We want to assure all of our clients that this office is prepared to serve your needs, regardless of what happens and how the virus affects Minnesota. In an effort to keep the office safe, we have stepped up prevention and sanitation measures in hopes to prevent disease transmission.

Because we are a paperless office, our entire staff is prepared to work from home if necessary. No matter what happens, we will continue to provide our clients with the highest quality legal services.  So far, not one client or staff member has become infected based on contact at this office and we will continue with safety protocols in an attempt to keep it that way. My office will continue to put the safety of our staff and you as our top priority. We do greatly appreciate your cooperation in conducting business in a safe fashion by utilizing current technology. Regardless of what happens, we will continue to take care of all of your legal needs.

Please rest assured, we will continue to take care of your legal needs in this challenging time, and your safety is our highest priority.

Please see our blog for more info on pandemic response.

Understanding the charitable remainder trust

| Aug 31, 2020 | Estate Planning

For many people today, supporting a charitable organization may offer them a way to give back to something that they benefited from or to support an effort they believe in and want to see succeed.

When making an estate plan, a person may choose to incorporate planned giving to complement their other choices for family members. Some trusts may offer the type of flexibility and benefits they seek.

The charitable remainder trust

As explained by Fidelity Investments and as indicated by the name, a charitable remainder trust benefits a charitable organization, but also benefits the individual who establishes it and perhaps their family members as well. A person titles certain assets into the trust. The asset value provides interest payments to that person or other beneficiaries should they choose. Once the beneficiary dies, any remaining funds flow to the designated charity. More than one charity may be named in a charitable remainder trust.

Two types of CRTs

One form of CRT allows people to make subsequent contributions after establishing the trust and one does not. In the former, the charitable remainder unitrust, the beneficiaries receive payments reflecting a designated percent of the trust’s value. In the latter, the charitable remainder annuity trust, the beneficiaries receive payments reflecting a set dollar amount.

Retirement accounts and CRTs

According to Forbes, a person may choose to title their retirement account into a charitable remainder trust with their children or grandchildren as the designated beneficiaries. This allows the person the opportunity to provide financial support to their loved ones for the rest of their lives.

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