Using a charitable remainder trust
Are you old? Are you out of depreciation? do you feel like you’re stuck on the real estate roller coaster but can’t get off because of the tax consequences? Talk to your financial advisor about a charitable remainder trust. I don’t give this kind of advice, but here’s how it works:
-Put your building in a trust
-Trust sells the building, gets the cash
-You get a tax deduction
-Trust pays you income as long as you live…you can set the income within limits
-You die, charity gets the cash in the trust
Kids worried about disinheriting the kids? Buy them a life insurance policy!