[WSBAPT] Testamentary Charitable Trust

[John Creahan]

Hi Katherine,
Charitable gift planning is a significant part of my practice, and I would be happy to discuss this situation with you. The trustee might need to seek tax exemption as a private foundation, although I suspect other options might work better.
Thanks,
John

John Creahan
john at cairn-law.com<mailto:john at cairn-law.com>
1325 4th Ave., Suite 940
Seattle, WA 98101
206-621-5848
www.cairn-law.com<http://www.cairn-law.com/>
[cid:image001.png at 01CE636C.3EB992D0]

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Katharine P. Bauer
Sent: Wednesday, November 25, 2015 2:37 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Testamentary Charitable Trust

Okay, I have a Survivor's Trust that terminates and passes all assets to a Charitable Trust (Not Remainder Annuity, or Remainder Unitrust) which has stipulations that all proceeds, income or principal, must be distributed to 501(c)(3) organizations.

Obviously, we need to get a tax EIN and the trust will have to file 1041s and 990s.  In order to eliminate estate taxes paid for distributions to this charitable trust from the survivor's trust, we need to file a Form 1023; are there other options?   We also have the ability to convert it to a private foundation/corporation rather than leaving it in trust ???? other suggestions??

Who out there in listserve land does this regularly?

The trust will originally hold 8-9 million dollars.  Trustees intend to distribute all within 10 years.

Thanks and Happy Thansgiving!

--
Katharine P. Bauer
Bauer Pitman Lifetime Legal, PLLC
1235 Fourth Ave. East, Suite 200
Olympia, Washington 98501
tel. 360.754.1976
fax. 360.943.4427

e-mail: kpb at bpblegal.com<mailto:kpb at bpblegal.com>

This message is confidential and may be protected by the attorney-client privilege; it is intended solely for the use of the individual named above. If you are not the intended recipient, you are hereby advised that any dissemination, distribution, or copying of this communication is strictly prohibited. If you have received this e-mail in error, please immediately notify the sender by telephone or e-mail, delete this message from your files, and return any printed copies to the sender by U.S. mail. Circular 230 Disclosure: Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties that may be imposed under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction, arrangement, or other matter
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20151125/57e78332/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 3667 bytes
Desc: image001.png
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20151125/57e78332/image001.png>