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My client is thinking of setting up a Charitable Remainder Trust. How can he do that? Can you explain the tiered taxation of Charitable Remainder Trusts?
ANSWER
Expert Mark Anderson's Answer:
He can retain an estate planning attorney to draft a trust. He would get a charitable deduction for the present value of the donation to the trust. He would then receive a percentage of the assets and income like 5% and the remainder would go to the charity upon his death.
