Gatory Charitable Lead Trust (CLAT)

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1 Types of Trusts: A Overview This guide provides a overview of seve types of trusts, while also reviewig their advatages ad disadvatages for differet types of ivestors

2 Table of Cotets Charitable Lead Trusts... 1 Charitable Remaider Trusts... 2 Dyasty Trusts... 3 Grator Retaied Auity Trusts... 5 Irrevocable Life Isurace Trusts... 6 Outright Gifts to Grator Trusts... 7 Qualified Persoal Residece Trusts... 9 Charitable Lead Trusts A charitable lead trust (CLT) is a irrevocable trust which pays a icome stream to charity for a term of years or for the lifetime of oe or more idividuals, ad the pays the remaiig value of the trust back to the grator or to aother idividual at the ed of the term. A CLT may be created as either a charitable lead auity trust (CLAT) or a charitable lead uitrust (CLUT). A CLAT pays a auity amout determied as a percetage of the iitial value of the trust assets. This amout remais costat ad o additioal cotributios may be made to the trust. A CLUT pays a fixed percetage of the trust assets revalued o a aual basis. Additioal cotributios may be made to a CLUT. I additio to the auity ad uitrust variatios, a CLT may be created as a grator or o-grator trust. A o-grator trust ca provide valuable trasfer tax beefits. This idea is illustrated below: Door Trasfers assets to trust Receives gift tax deductio Trasfer Assets Receives Gift Tax Deductio Charitable Lead Trust (No-Grator) Receives assets Pays icome stream to charity Pays remaiig assets to idividuals at ed of term Remaider Icome Idividual(s) Charity Trasfer tax cosequeces I a o-grator charitable lead trust, the remaider iterest i the trust passes to idividuals other tha the grator at the ed of the term. The tax deductio provided for this type of trust is i the form of a deductio from trasfer taxatio for the value of charity s right to receive a icome stream for a term of years. If created durig life, the grator will receive a gift tax deductio for the value of the charitable icome iterest. If created at death, the deductio will offset estate taxes.

3 Icome tax cosequeces If the trust pricipal is paid back to the grator (or his estate) at the ed of the term, it will be a grator trust. A trasfer to a grator charitable lead trust provides a curret icome tax deductio. Because of the grator s reversioary iterest i the trust, he will be taxed with the icome eared i the trust each year, eve though he does ot receive ay distributios. This type of CLT ca be useful where a grator expects high taxable icome i oe year, ad a decrease i taxable icome thereafter. Regardless of what type of deductio is allowed, the value of the deductible iterest is determied by a formula which icludes the duratio of the trust, the rate of paymet to the charitable beeficiary each year ad the curret rate of retur o ivestmets determied by the federal govermet each moth. These factors are applied to govermet tables to determie the amout of the charitable deductio. I the case of a grator CLT, if the deductio exceeds a certai percetage of the door s adjusted gross icome for the year of the gift, that portio must be carried over ito future years. Charitable Remaider Trusts A charitable remaider trust (CRT) is a irrevocable trust which pays a icome stream to oe or more o-charitable beeficiaries for a term of years (ot more tha 20) or for their life or lives, ad the, at the ed of the trust term, pays the remaiig value of the trust to charity. The rate of icome is stated i the trust documet ad must be at least 5%, but ot more tha 50%, of the value of trust assets. A CRT may be created as either a charitable remaider auity trust (CRAT) or a charitable remaider uitrust (CRUT). A CRAT pays a auity amout determied as a percetage of the iitial value of the trust assets. This amout remais costat ad o additioal cotributios may be made to the trust. A CRUT pays a fixed percetage of the trust assets revalued o a aual basis. Additioal cotributios may be made to a CRUT. Door Trasfers assets to trust Receives aual icome paymet Receives icome tax deductio Trasfer Assets Receive Paymet Icome Tax Deductio Charitable Remaider Trust Receives assets Sells ad reivests assets Pays icome stream to Door Pays remaiig assets to charity at ed of term Icome Remaider Idividual(s) Charity Page 3 Types of Trusts

4 What you should kow about CRTs There are gift ad estate tax cosequeces to cosider if you are thikig of icludig a CRT i your estate ad wealth pla. There are also various types of CRTs, ad it ca be importat to kow the differeces betwee them. Gift Tax Cosequeces: If the icome from the CRT is payable to someoe other tha the door, it may be subject to federal gift taxes. If certai requiremets are met, the icome ca be made to qualify for the aual gift tax exclusio per beeficiary. The marital deductio will usually elimiate ay tax o paymets to the door s spouse. Estate Tax Cosequeces: The value of the iterest passig to charity is deductible from the gross estate. If there is a icome iterest which follows the death of the door ad/or spouse, the value of this iterest will be icluded i the estate ad be subject to estate tax. Special CRUTs: If the assets which are trasferred to a CRUT ear less tha the required payout percetage, the trust may be structured as a et icome CRUT. That is, the trust pays the et icome of the trust, ad makes up the shortage i later years whe the trust ears more tha the required payout amout. These are usually referred to a et icome with make-up CRUTs (NIMCRUTs) ad are ofte used whe low icome producig real estate is the subject of the trasfer. After the real estate is sold ad reivested, the trust ca the make up the paymets it could ot make at the iceptio of the trust. A Flip CRUT is aother variety of CRUT. Uder IRS Reg (c)(2), a uitrust may begi as a et icome trust, ad at some predetermied future date, or triggerig evet, permaetly covert to a stadard uitrust. This switch is available regardless of whether the assets i the trust ear the required aual paymet amout. The Flip CRUT provides additioal optios for idividuals seekig a curret icome tax deductio, tax deferred buildup ad icreased icome at a future date. Dyasty Trusts A dyasty trust is ay trust that lasts loger tha oe geeratio below that of the grator, takig advatage of the federal geeratio skippig trasfer (GST) tax exemptio to remove family wealth from the trasfer tax system for as log as the trust is i existece. Gifts to ayoe two or more geeratios below the door (such as gradchildre or great gradchildre) are potetially subject to the GST tax. This tax is i additio to the estate or gift tax, ad is curretly applied at a flat rate of 40%. There is a exempt amout that each perso may trasfer free of GST tax, curretly $5.34 millio per perso. Oe of the most effective uses of the GST tax exemptio is to apply it to a trasfer i trust that lasts for multiple geeratios. A trust that skips geeratios is frequetly referred to as a dyasty trust ad ca last as log as the law i the state of creatio allows. Some states allow trusts to last i perpetuity, while others require trusts to termiate ad vest i idividuals after a certai period of time. These laws, called Rules Agaist Perpetuities, vary from state to state. However, it is possible for a door to create a trust i a state other tha the oe i which he or she lives to take advatage of more favorable laws. Page 4 Types of Trusts

5 A idividual ca give up to $5.34 millio worth of assets (the GST tax exempt amout) to a trust for the beefit of his or her childre, gradchildre ad future geeratios, ad to protect the assets i the trust from trasfer taxatio for as log as the trust is i existece. You should ote that curretly a idividual may trasfer up to $5.34 millio durig his or her lifetime free from gift tax. Icome ad pricipal from the trust beefit each succeedig geeratio accordig to the terms the door specifies i the trust documet. All udistributed icome ad asset appreciatio accumulate free of trasfer taxes. The GST tax exemptio ca be further leveraged by trasferrig assets subject to valuatio discouts or policies of life isurace. Such assets allow the door to trasfer more value to the trust without additioal tax cosequece. I additio to protectig the trust assets from trasfer taxatio, dyasty trusts ca protect the assets from the claims of the beeficiaries creditors. The beeficiaries do ot ow the uderlyig trust assets, but have a iterest that is subject to the trustee s discretio (govered by the door s guidace i the documet). Creditors are oly able to reach amouts that are actually distributed to a beeficiary. Discretioary trusts are a time-hoored vehicle for log-term asset protectio. Outright gifts to dyasty trusts The followig table illustrates the effect of log-term compoudig free of trasfer tax i a dyasty trust compared with the impositio of trasfer tax at each geeratio. Dyasty Trust Compared to Outright Bequest Outright Bequest Dyasty Trust Trasfer of $1,000,000* 1,000,000 1,000,000 Future value (25 6%) 4,291,871 4,291,871 Estate tax (at childre s 40%) (1,716,748) (0) Amout available for gradchildre 2,575,716 4,291,871 Future value (25 6%) 11,052,093 18,420,154 Estate tax (at gradchildre s 40%) (4,420,837) (0) Amout available for great-gradchildre 6,631,256 18,420,154 Future value (25 6%) 28,460,491 79,056,921 Estate tax (at great-gradchildre s 40%) (11,384,197) (0) Amout available for great-great-gradchildre 17,076,295 79,056,921 *A iitial trasfer of $1millio is used. For illustratio purposes oly. Advatages This is the simplest method of trasferrig wealth to future geeratio, ad you ca immediately trasfer assets ad the appreciatio of those assets from your taxable estates. A low risk of IRS challege (the full value of the assets trasferred is icluded i the gift). You ca make aual exclusio gifts to this trust, to the extet the exclusios are ot eeded for other purposes. Additioal leverage for the gift may be obtaied if assets are cotributed to a LLC ad LLC iterests are trasferred. Page 5 Types of Trusts

6 Disadvatages This is the most expesive strategy from a gift tax perspective, as the full value of assets is icluded i the gift. You do ot preserve your uified credit for other strategies or for use by your estate at death. Grator Retaied Auity Trusts A grator retaied auity trust (GRAT) is a irrevocable trust i which the grator makes a gift of property i trust while retaiig a aual icome stream (auity) for a specific period of time. The right to the aual icome stream is a retaied iterest that has a value determied by usig IRS tables. The value of this retaied iterest is subtracted from the full value of the property trasferred whe determiig the taxable value of the gift for trasfer tax purposes. The amout of property that remais i the trust at the ed of the trust term after makig the aual paymets passes to childre free of ay further gift or estate tax. Because oly the remaider iterest is subject to tax, the Applicable Exclusio is more effectively used or leveraged. A GRAT is treated for icome tax purposes as a grator trust. This meas that the icome tax liability icurred by the trust flows through to the grator as if it had bee icurred by the grator himself. If the grator dies prior to the ed of the trust term, the etire value of the trust will be icluded i the taxable estate, as if the trust had ever bee created. It is importat to select the term of the trust with care, so that the Grator is likely to live beyod the termiatio of the trust ad distributio of the property to the childre. Grator (Paret) Gift of Property to Trust Discouted Taxable Trasfer Retaied Auity Paymets GRAT (Irrevocable Auity Trust) No Tax At Ed of Trust Term Childre Advatages This is a ideal vehicle for trasferrig hard-to-value assets, because the auity ca be defied as a percetage of the fair market value of trust assets, which avoids ay gift tax surprise. There is strog case law ad regulatory guidace for GRATs. Appreciatio i excess of the auity is trasferred to heirs without gift tax. Sice oly the appreciatio is trasferred, pricipal is retaied by the grator. Page 6 Types of Trusts

7 Grator remais liable for icome tax o sales or earigs withi the GRAT, which ca be a additioal plaig beefit. If the auity is paid back i kid usig cotributed assets, there are o icome tax cosequeces to grator. The auity stream may be used to fud additioal GRATs, creatig cascadig GRATs. Disadvatages The death of grator durig the term of the GRAT will cause GRAT assets (icludig appreciatio) to be icluded i grator s estate, as if the GRAT had ot bee created. If assets fail to appreciate, ay gift tax paid (or exclusio used) to trasfer the remaider iterest will have bee wasted. The auity paymets from the GRAT must be early equal, ot allowig compoudig. Because the geeratio skippig tax (GST) exemptio caot be allocated to a GRAT util the grator s iterest has termiated, GRATs are less effective as multigeeratioal plaig tools. Irrevocable Life Isurace Trusts Sice estate taxes are imposed upo all of the assets i the estate, may people choose to rearrage the owership of assets to most efficietly trasfer property ad meet tax liability. Because life isurace is a asset that geerally is of little value to a idividual while alive, oe method of reducig estate taxes ad maximizig the utility of life isurace is to arrage for owership of the policy outside of the estate of the isured(s) through a irrevocable life isurace trust (ILIT). A ILIT ca ow a policy of life isurace ad remove the proceeds from the estate of the isured ad the isured s spouse, while still preservig the beefit of the proceeds for the family ad providig eeded estate liquidity. Uder such a arragemet, the policy will be purchased by the ILIT, ad the grator/isured will pay the premiums o the policy through trasfers that ca qualify for the aual exclusio. Because either the isured/grator or spouse retais ay owership rights over the policy, the proceeds will escape taxatio i both estates. However, the terms of the ILIT ca make the proceeds available to assist with estate liquidity eeds, ad provide for the eeds of the family. Note: Due to the fact that the trust is irrevocable, the grator caot get aythig out of the trust oce it is added to the trust. Aual exclusio Cotributios to a ILIT are gifts of a future iterest which geerally do ot qualify for the aual gift tax exclusio. This cocer may be overcome by gratig the beeficiaries a power to withdraw a portio of the amout cotributed to the ILIT for a specific period of time after the cotributio is made. This power to withdraw the gift creates a preset iterest i the property, thus qualifyig the trasfer for the aual exclusio. Page 7 Types of Trusts

8 The rules goverig such trasfers ad rights of withdrawal must be followed carefully to esure favorable gift tax treatmet. Assets of Husbad ad Wife Whe First Spouse Dies No Tax Family Trust This trust cotais the Applicable Exclusio Amout ($5.25M i 2013) No Tax Marital Share This share cotais the assets of the decedet i excess of the Applicable Exclusio Amout ad the survivor s assets for the beefit of the childre. Irrevocable Life Isurace Trust (ILIT) Cotais life isurace policy No Tax Taxable No Tax Assets Pass to Childre * Assets from Family Trust are ot taxable. * Assets from ILIT are ot taxable. * Assets from Marital Share will be subject to tax. Amout i excess of the Applicable Exclusio Amout will icur tax liability. No-exercise of withdrawal powers The failure of a beeficiary to withdraw the amouts permitted uder the Crummey provisio will result i a lapse of the power. Lapsed amouts i excess of $5,000 or 5% of the assets subject to the power are cosidered taxable gifts from the beeficiary back to the trust. There are strategies that may be icorporated ito the ILIT that ca prevet adverse tax cosequeces resultig from the lapse. The beeficiary may retai a limited power over the amout i excess of $5,000, or 5% which will prevet a lapse. Alteratively, the power over the amout that exceeds $5,000 or 5% ca simply ot lapse util the ILIT becomes fuded allowig powers to gradually lapse with o tax cosequece. The IRS has i oe situatio stated its oppositio to these hagig powers, see TAM Three-year rule If a existig policy is trasferred by the isured to a ILIT ad the isured dies withi three years of the trasfer, the policy proceeds will be icluded i the isured s estate. IRC Sec O the other had, if the trustee uses cash i the ILIT to purchase a ew policy o the isured s life ad the isured dies withi the three-year period, the proceeds will geerally be excluded from his or her estate. Care should be take to make certai that the isured has o icidets of owership i the policy or cotrol over the trustee. Outright Gifts to Grator Trusts A grator trust is a federal icome tax cocept i which the grator of a trust is treated as the ower of the trust assets (or a portio). For icome tax purposes, this has the effect of requirig the grator to iclude o his icome all items of icome, gais, deductios, losses ad credits geerated by the trust, as if the trust had ot bee Page 8 Types of Trusts

9 i existece. Icome is taxed at the grator s rate ad the trust is disregarded as a etity with regard to trasactios (such as sale of a asset) betwee the grator ad the trust. Paymet of icome taxes by the grator ehaces the estate plaig beefits of a trasfer, as the assets withi the trust will ot be diluted by icome taxes. Grator (Paret) Cotributes assets (e.g., stock ad/or private ivevstmets) which may appreciate Grator Trust Icome taxes o icome eared by a Grator Trust are the resposibility of the door Full amout of doated assets ad appreciatio IRS Beeficiary Outright gifts to grator trusts This is the most straightforward method of takig advatage of the grator trust rules Idividual makes a outright gift to a defective grator trust. By havig the grator pay the taxes o the assets held i the trust, the trust pricipal ca grow ufettered by taxes. This strategy ca also be used to ehace geeratio skippig plaig, at least while grator ad spouse are livig. For example, a idividual ca give up to $5.34 millio worth of assets ($10.68 millio if combied with a spouse) to the beefit of his childre, gradchildre ad future geeratios. I additio, aual exclusios ca be used. All icome taxes ad capital gais taxes icurred by the trust would be payable by the grator essetially a tax-free gift. It preserves trust assets for future geeratios. Icome taxes paid by the grator cotiue to reduce the size of the grator s taxable estate for estate tax purposes. Outright gifts to grator trusts illustratio A grator gifts $1millio to a trust ivested for growth to produce a 6% aual rate of retur: 2% of the retur reflects ordiary icome taxed at a 43.4% ordiary icome tax rate.* 2% is capital gais taxed at a 23.8% capital gais tax rate.* 2% represets growth that will ot be taxed util a gai is realized. The bleded tax rate o the total retur is 22.4%. * Note that icome tax rates assumed are those effective as of Jauary 1, 2014, which iclude the Medicare surtax for taxpayers makig over $400,000 (idividual) or $450,000 (married couples filig joitly). Page 9 Types of Trusts

10 Compare the trust value after 20 years whe icome taxes are paid by the trust versus the grator: Outright Gift to Grator Trust Advatages Aual Gift Trust Pays the Tax Grator Pays the Tax (Asset Grows Tax-Free) Year 5 $1,255,511 $1,338,226 Year 10 $1,576,309 $1,790,848 Year 15 $1,979,074 $2,396,558 Year 20 $2,484,750 $3,207,135 Simple, immediate ad low risk. All appreciatio removed from estate. Disadvatages Potetial large gift tax cost. Immediate loss of cotrol over trasferred assets (cotrol ca be maitaied through the use of trusts). Qualified Persoal Residece Trusts A qualified persoal residece trust (QPRT) is a estate plaig techique that takes advatage of the valuatio discouts resultig from splittig a iterest i property. Whe a wealthy idividual decides to take advatage of the valuatio discouts that result from splittig a iterest i a piece of property, may first thik of their childre. For example, a door ca trasfer his or her iterest i a vacatio home to a QPRT for the beefit of his or her childre, while retaiig the right to live i the residece for a term of years. At the ed of the term, the trust will termiate ad distribute the residece outright to, or i further trust for, his or her childre. Because the iitial trasfer of the residece is subject to the door s retaied right to use the house for a period of time, the value of the gift to the trust is reduced. The right of the childre to ow ad use the house sometime i the future is ot as valuable as the right to ow ad use the house immediately. Moreover, if the property appreciates i value durig the period of the trust, the appreciatio passes to childre free of ay additioal trasfer tax. Grator Gives Iterest i Residece Taxable Trasfer Retais Iterest Valuatio Discout Trust for Term of Years At Ed of Term No Tax To Child Page 10 Types of Trusts

11 Advatages Residece is ot icluded i grator s estate. Appreciatio i excess of the IRS assumed rate is trasferred to childre at miimal gift tax cost. Grator retais right to live i residece for QPRT term. Grator has the ability to ret residece from child or trust at the ed of the QPRT term. Icome tax beefits ($250,000/$500,000 exclusio from capital gais) are available. Additioal tax savigs may be achieved through valuatio discouts if the propery is owed by two doors as teats i commo. Disadvatages There is a mortality risk if the grator dies before the ed of QPRT term, the value of the grator s iterest will be icluded i the grator s estate. However, the mortality risk ca be offset by varyig the legth of QPRTs. The IRS may challege the value of discout take i additio to the value of remaider iterest. Stepped-up basis at death is lost if child sells the residece after the grator s death for estate liquidity or other reasos. Please speak with your Atlatic Trust relatioship maager if you believe ay of the aforemetioed trusts could be useful i helpig you achieve your overall wealth ad estate plaig goals. Page 11 Types of Trusts

12 Atlata Austi Baltimore Bosto Chicago Dever Housto Newport Beach New York Sa Fracisco Washigto, D.C Wilmigto Follow us o Facebook: AtlaticTrustPWM, ad LikedI: Atlatic Trust Private Wealth Maagemet, a CIBC compay, icludes Atlatic Trust Compay, N.A. (a limited-purpose atioal trust compay) ad AT Ivestmet Advisers, Ic. (a registered ivestmet adviser), both of which are wholly-owed subsidiaries of Atlatic Trust Group, LLC. This documet is iteded for iformatioal purposes oly, ad the material preseted should ot be costrued as a offer or recommedatio to buy or sell ay security. Cocepts expressed are curret as of the date of this documet oly ad may chage without otice. Such cocepts are the opiios of our ivestmet professioals, may of whom are Chartered Fiacial Aalyst (CFA ) charterholders or CFP professioals. Chartered Fiacial Aalyst ad CFA are trademarks owed by CFA Istitute. The Chartered Fiacial Aalyst (CFA ) desigatio is a globally recogized stadard for measurig the competece ad itegrity of ivestmet professioals. Certified Fiacial Plaer Board of Stadards Ic. ows the certificatio marks CFP ad CERTIFIED FINANCIAL PLANNER i the U.S., which it awards to idividuals who successfully complete CFP Board s iitial ad ogoig certificatio requiremets. There is o guaratee that these views will come to pass. Past performace does ot guaratee future comparable results. The tax iformatio cotaied herei is geeral ad for iformatioal purposes oly. Atlatic Trust does ot provide legal or tax advice, ad the iformatio cotaied herei should oly be used i cosultatio with your legal, accoutig ad tax advisers. To esure compliace with requiremets imposed by the IRS, we iform you that ay U.S. federal tax advice cotaied i this commuicatio (icludig ay attachmets) is ot iteded or writte to be used, ad caot be used, for the purpose of (i) avoidig pealties uder the Iteral Reveue Code or (ii) promotig, marketig or recommedig to aother party ay trasactio or matter addressed herei. To the extet that iformatio cotaied herei is derived from third-party sources, although we believe the sources to be reliable, we caot guaratee their accuracy. Approved For Public Use. Ivestmet Products Offered are Not FDIC-Isured, May Lose Value ad are Not Bak Guarateed. Page 12 Types of Trusts

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