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Testamentary charitable remainder trust

What is a testamentary charitable remainder trust?

A testamentary charitable remainder trust is funded at the time of the donor's death. It makes regular payments to the donor’s surviving spouse or other named income recipients for life, a term of up to 20 years, or both. The amount remaining in the termination of the trust will go to the donor's choice of funds held at Thrivent Charitable Impact & Investing™, benefitting charities or areas of charitable work recommended by the donor. Thrivent Charitable is available to act as trustee for testamentary charitable remainder trusts that will benefit charitable funds at Thrivent Charitable. In order for Thrivent Charitable to act as the trustee, a few requirements must be met. Please contact a gift planner to discuss these requirements or call our team at 800-365-4172.
 
Current minimums for charitable remainder trusts range from $50,000 to $200,000, depending upon the specific type of charitable remainder trust (CRAT or CRUT) and the gift asset(s) used to create it.
  1. Call Thrivent Charitable and speak with a gift planner at 800-365-4172. Thrivent Charitable will prepare a customized illustration for your client showing the income and tax benefits of creating this type of trust.
  2. If the donor wishes to proceed, he/she will need to complete and return the fund workbook, charitable remainder trust application, and IRS Form W-9 for each income beneficiary. We will then draft a Fund Agreement for the donor’s review and signature. Along with the Fund Agreement, we will send sample language for the donor’s attorney to insert into their will or living trust to create the CRUT upon their passing.
  3. If the asset used to establish the trust is from IRA or retirement plan assets, appropriate paperwork to make the beneficiary designation change must be completed by the donor.
  • Clients who are looking to reduce estate taxes.
  • Clients who want to provide an income to loved ones after death.
  • Clients who want to ensure a gift to charity after death.
  • The client may receive an estate tax charitable deduction.
  • Client’s loved ones receive regular payments for life, term or years, or both.
  • The client may avoid income and estate taxes imposed on retirement assets.

Thrivent Charitable will support you with a full range of charitable products and services, and you'll be compensated for your efforts by Thrivent or American Funds.

  • The client may receive an estate tax charitable deduction.
  • Client’s loved ones receive regular payments for life, term or years, or both.
  • The client may avoid income and estate taxes imposed on retirement assets.

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Our team of charitable gift planners utilizes deep charitable expertise to expand your clients' options and help meet their giving goals. Our collaborative approach will allow you to maintain your current client relationships while we provide the most relevant advice that aligns with your clients' financial priorities. 

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Gift planners

From left to right: Cindy Aegerter, Ben Boline, Nikki Johnson, Greg Shamey