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Using Charitable Remainder Trusts

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Charitable remainder trusts are irrevocable trusts that let you donate assets to charity and draw annual income for life or for a specific time period.

We closely examine charitable remainder trusts to ensure they:

  • Correctly report trust income and distributions to beneficiaries
  • File all required tax documents
  • Follow all applicable tax laws and rules

How a Charitable Remainder Trust Works

In a charitable remainder trust:

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Retirement Account 2024 Contribution Limit Changes

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Effective January 1, 2024, the limitation on the annual benefit under a defined benefit plan under section 415(b)(1)(A) of the Code is increased from $265,000 to $275,000.

For a participant who separated from service before January 1, 2024, the participant’s limitation under a defined benefit plan under section 415(b)(1)(B) is computed by multiplying the participant’s compensation limitation, as adjusted through 2023, by 1.0351.

The limitation for defined contribution plans under section 415(c)(1)(A) is increased in 2024 from $66,000 to $69,000.

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