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How do trusts work?

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Audrey

By Audrey on December 2, 2009

You will immediately be issued a tax receipt for the present value of the residual interest in the trust.

Throughout your life, or for a defined period, you will receive a predetermined amount from the trust; when the trust expires, all assets will be transferred to the charitable organization.

Because of the costs related to managing a trust, an important investment is required at the beginning; an amount of $200,000 is often mentioned.

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