Carolyn Yorston-Wellcome's long-term relationship with The Bishop's School is a love affair on many levels. After her stepdaughter, Wendy Yorston Stevens '75, graduated, Carolyn established the Carolyn Yorston Endowed Financial Aid Fund, which honored a family tradition of supporting education. She has provided loving support and an occasional "extra bedroom" to a generation of students. As a true visionary, Carolyn also has plans in place to provide for Bishop's as the beneficiary of a charitable remainder trust.
The Bishop's community has been a major blessing in my life for nearly 50 years. I am delighted that future generations of Bishop's students will benefit through my planned gift to the School.
A charitable remainder trust (CRT) is one of the tools at the heart of smart estate planning. This type of trust is the right choice for many charitably minded individuals and families for one reason: it is flexible enough to be used to meet a wide variety of objectives.
Thanks to the provisions in our tax code, the CRT can be constructed to provide a stable increase in income for those in retirement. On the other end of the spectrum, a 45-year-old couple looking ahead to retirement can use the same basic planning tool to prompt dramatic, tax-free growth in the value of a given asset over the next 20 years. Or, parents might use the CRT as a part of their estate plan in order to exercise management over the flow of assets to children, rather than distributing an entire inheritance in one lump sum. In each of these cases, the CRT makes it possible to increase the income produced by an asset, save on taxes (in some cases, dramatically), and ultimately make a lasting contribution to charity.
When taking a close look at the structure of a CRT, you'll notice three things: first, it represents an ultimate gift to charity, and thus carries with it some immediate as well as long-term tax benefits; second, it takes full advantage of time and the tax-free compounding of values; and third, it is highly flexible...making it possible to structure the actual trust agreement in a way that helps ensure that family and charitable concerns are realized.
To discuss meaningful ways of how you might leave a legacy, contact John A. Trifiletti, chief advancement officer, at (858) 875-0851, firstname.lastname@example.org
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for more information on Charitable Remainder Trusts.