Charitable Remainder Trusts
18. You Still Have Some Control
You're probably wondering if you will have any control. After all, this is an irrevocable trust, so once you set up the trust and transfer the asset to it, you cannot change your mind. Even so, you will keep some control.
First, for as long as you live, the trustee you select - not the charity - controls the trust assets. Your trustee must follow the instructions you put in your trust. And the trustee's primary responsibility is to you, not to the charity.
Next, you can retain the right to change the trustee if you become dissatisfied.
And finally, you can change the charitable beneficiary of the trust to another qualified charity without losing the tax advantages.
So, now you know how a charitable remainder trust works and about the many benefits it can provide for you. But some of you may be thinking, "Sounds great for me, but...