It is heartbreaking when estate and gift taxes consume as much as 75% of a large estate, reducing the inheritance to your children or grandchildren. To transfer assets to your heirs at significant tax savings and also make a substantial philanthropic gift, a charitable lead trust can be established. Instead of paying you or your beneficiaries an income, the trust pays the income to Pattie A. Clay Foundation for your lifetime or for a specified number of years. At the end of the term, the assets are transferred to your heirs free of estate or gift taxes. For large estates, the tax savings are significant and the legacy you will leave through your charitable contribution to Pattie A. Clay Foundation will be significant.
A minimum of $50,000 is required to set up a Charitable Lead Trust.
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Remember, there are always details to consider which pertain to your particular situation. Therefore, it is wise to consult your accountant or attorney for additional information and restrictions on the tax consequences of any charitable contribution.