Charitable Lead Trusts
Phil and Alicia had a successful business developing
both residential and commercial real estate. They
realized that their assets provided more income than
they need for their family's current living expenses;
however they wanted to maintain their assets to ensure
their grandchildren would have resources for college
educations. One of their first charitable gifts had been
a GIFT OF APPRECIATED STOCK. They discussed their
circumstances with their financial advisor who showed
them how they could make a charitable gift now and be
able to enjoy seeing the results while they were still here.
Phil: "It really has been a wonderful ride. When we first
started developing residential housing, we had no idea
where it would all lead. We were fortunate to make some choices that really set up the company for success. It's grown beyond our wildest dreams."
Alicia: "We have been able to provide a wonderful home for our children, but they are off on their own now with their own families. While the company has grown, our immediate needs have shrunk."
Phil: "Not too long ago, we sat down with our kids and our advisors and talked about what was important to us and what we really wanted. Our kids are all doing fine on their own. We certainly don't need more. Our attorney told us about something called a charitable lead trust funded with some of our excess assets."
Alicia: "It sounded great to us - some tax benefits and our estate remains intact for our grandchildrens' education. While we are helping to make a difference in other people's lives, we're able to do it while we're here and can be part of it. It really feels good to see firsthand how the income from the trust can really make a difference."
Phil and Alicia wanted to contribute $250,000. They placed a sufficient amount of income producing commercial property into a CHARITABLE LEAD TRUST (CLT) that would make annual payments of $25,000 over ten years. This will provide the charity with $250,000 in total and after ten years, the assets will pass to the donor's heirs. Because the gift tax deduction and the amount subject to gift tax is determined at the time the assets are contributed to the CLT, any appreciation of the assets that takes place during the term of the trust is not subject to additional gift or estate tax.
As we said earlier, there are as many ways to support Wilmington Symphony Orchestra as there are needs for your support. Please CONTACT US should you have questions or if you would like to discuss your personal circumstances to see how you can enrich your heart and the lives of others as many others already have.
We appreciate you taking the time to review our material, and we hope that you found this information to be helpful and interesting. As you can tell, there are a variety of ways that you can both provide for your own financial security and offer valuable support to Wilmington Symphony Orchestra. In addition, the emotional rewards, which can only be described by those who have felt them, make supporting us a life-changing experience.
Thank you so much for your interest in supporting Wilmington Symphony Orchestra and our mission through a planned gift. Please call or write us (CONTACT US) so that we can respond to your individual needs. We look forward to hearing from you soon.