Charitable Remainder Trusts
A charitable remainder trust is a type of trust that makes payments to you and/or your family members or other people you designate for a period time and then the remaining assets pass to Parkway Alumni Association.
During your life or upon your death, you transfer cash or stock to the trust. You name the beneficiaries to receive a stream of payments and you decide the type of payments that the beneficiary will receive. The payments may be a fixed amount (called an “annuity”) or a percentage of the assets each year (called a “unitrust payment”).
If you create the charitable remainder trust during your life, you are eligible to receive an income tax charitable deduction for the value of the remainder interest. If the trust is created upon your death, you are eligible to receive an estate tax charitable deduction for the value of the remainder interest.