This is a tax-exempt irrevocable trust designed to reduce the taxable income of individuals by first dispersing income to the beneficiaries of the trust for a specified period of time and then donating the remainder of the trust to the designated charity at the end of the specified term you select either over the course of your lifetime or to become effective at your death.
Tim and Glenda are enjoying their retirement years fully, spending the summers with their children and grandchildren in Cincinnati and their winter months in sunny Florida. However, Glenda still freelances. She’s not ready to slow down just yet. Always active with United Way, they chose a tax-exempt irrevocable trust as a way for them to continue to support their favorite agency, Catholic Charities, and their children’s college futures.