A charitable remainder trust can be funded with cash, securities or real estate. Assets are placed with a trustee—an individual or trust management expert. You receive the income generated by the assets in trust, according to the terms set out at the time the trust is established. The capital remains intact, however, the Prince Albert SPCA (PASPCA) receives the amount you placed in trust after your death. It is also possible to establish a trust that provides income to your surviving spouse. In this instance, the property would pass to the PASPCA only after both spouses have died.
Charitable remainder trusts are irrevocable gifts and thus the donor is usually entitled to a donation receipt when the trust is created. The receipt amount is based on the present value of the remainder interest (usually 20-60% of the value of the property), determined by the fair market value of the assets, interest rates, the donor’s age and the specifics or duration of the trust.
Contact the SPCA Executive Director at 306-763-6110 for more information.