16 min
When To Use A Charitable Remainder Trust The Prosperity Podcast
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- Investing
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.
Prosperity Thinkers is proud to be an affiliate of the transformative Gravy Stack movement, helping individuals around the world unlock their potential and achieve financial freedom. By providing resources, tools, and mentorship, we contribute to creating a culture of abundance, possibility, and growth. Please note, as an affiliate, we may receive compensation for our efforts. Our collaboration, however, goes beyond financial arrangements; we truly believe in the power of the Gravy Stack movement to change lives and foster prosperity.
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!
Do you have a question you would like answered on the show? Please send it to us at hello@prosperitythinkers.com and we may answer it in an upcoming episode.
Links and Resources from this Episode
For resources and additional information of this episode go to https://prosperitythinkers.com/podcasts/ https://gravystack.com/prosperity https://prosperitythinkers.com/action/
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
Special Listener Gift
Free eBook: Activating Your Prosperity Guide.
Kim Butler's groundbreaking eBook/ audiobook explains why typical financial advice may be sabotaging your wealth... and what to do instead!
Review and Subscribe
If you like what you hear please leave a review by clicking here
Subscribe on your favorite podcast player to get the latest episodes.
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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.
Prosperity Thinkers is proud to be an affiliate of the transformative Gravy Stack movement, helping individuals around the world unlock their potential and achieve financial freedom. By providing resources, tools, and mentorship, we contribute to creating a culture of abundance, possibility, and growth. Please note, as an affiliate, we may receive compensation for our efforts. Our collaboration, however, goes beyond financial arrangements; we truly believe in the power of the Gravy Stack movement to change lives and foster prosperity.
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!
Do you have a question you would like answered on the show? Please send it to us at hello@prosperitythinkers.com and we may answer it in an upcoming episode.
Links and Resources from this Episode
For resources and additional information of this episode go to https://prosperitythinkers.com/podcasts/ https://gravystack.com/prosperity https://prosperitythinkers.com/action/
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
Special Listener Gift
Free eBook: Activating Your Prosperity Guide.
Kim Butler's groundbreaking eBook/ audiobook explains why typical financial advice may be sabotaging your wealth... and what to do instead!
Review and Subscribe
If you like what you hear please leave a review by clicking here
Subscribe on your favorite podcast player to get the latest episodes.
iTunes
RSS
16 min