REMAINDER ANNUITY TRUST

How does a Charitable Remainder Annuity Trust work? 


You establish a charitable remainder annuity trust naming Grand Piano Series as beneficiary, and transfer cash, securities, or other property into the trust. The trust pays fixed annual payments to you or your designees every year. This trust can provide lifetime income, or income for a specified number of years. You receive an immediate income tax deduction for a portion of your contribution to the trust and pay no capital gains tax on appreciated assets. Grand Piano Series receives the remaining trust assets when the trust terminates. 


Will my income from the trust be taxed?

 

Yes. The income received from the annuity trust will be taxed based on the type of investments held in the trust and the payout rate. If you have a mixture of investments, ordinary income rates apply to the first increment of your payout (up to your full payment), followed by any capital gains, and then tax free return of principal if your total payout exceeds the investment returns in a particular year. These taxes would also apply if you took these payments from a regular account, so it really should not increase your taxes substantially. 

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