Hello, I’m Roy Hunt. Three Angels Broadcasting Network has a very active and knowledgeable Planned Giving and Trust Services Department. So many of our viewers and listeners have been blessed using the free services that we offer for wills, trusts, and annuities. We would like to alert you to the document that makes it possible to bypass capital gains on property where the cost basis is very low and the income from its sale is very high.
A couple of examples could be that you have inherited property from your family, or your investments have appreciated by a large amount. This document is called a charitable remainder unitrust, also known as a CRUT.
In 2013, the United States government raised the capital gains tax from 15% to 20%. If you are selling property or have highly appreciated assets and you’re ready to sell, consult your tax professional to find out what your capital gains tax liability may be. If you find that this tax may apply to you, then give us a call.
To meet IRS guidelines there are some important facts you need to know before you put your property on the market. There should only be a verbal understanding between the buyer and the seller. There must not be a written contract before putting your property on the market or selling highly appreciated assets.
Once you have established an understanding that your property will sell, an attorney will place your property into a charitable remainder unitrust. The property can then be sold and a lifetime annuity will be paid to the seller. When the seller passes away, the remainder of the trust comes to 3ABN to help finish the work of spreading the Gospel to the world.
What a wonderful way to use the assets the Lord has blessed and entrusted to you. It is a win/win process. The seller gains tax advantages and a lifetime annuity, while providing funds for the Lord’s work.
Thank you for all you do for this ministry, and may God richly bless you.