Steffan F. Cress
From time to time, the worlds of charitable and private enterprise join forces to create financial strategies that result in success for all parties. You can find one such example in the formation of Charitable Remainder Trusts (CRTs). Besides the charitable benefit to the nonprofit organization and the financial benefit to the donor and the donor’s family, the impact of a CRT is greatly enhanced by the use of an Irrevocable Life Insurance Trust (ILIT). ILITs are funded by life insurance policies, which offsets the loss of the CRT’s corpus asset upon the death of the donor.