In general terms, a remainder interest refers to someone with a future interest in an asset. It may be a future interest in the estate created by a trust, a contingent interest when a life tenant surrenders a claim to the estate, or a vested interest that becomes effective at a specified future date. It is often created when a grantor leaves a property to pass on upon the grantor's death.
For example, a charitable remainderman is a charitable organization that receives the assets remaining in the charitable remainder trust (CRT), when the trust reaches its term. The charitable remaindermen must be named expressly in the trust document or according to specific instructions and criteria in the trust document.
Through the gift of a remainder interest landowners can enjoy their property while knowing that their land will go to an organization to support its work.
Please consult your legal advisors when addressing these plans. Or you can contact our Planned Giving officer at 895-4725.
You can get a current income tax deduction by giving the foundation a remainder interest in your home, while you continue to live there.
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