Receiving Income During Your Lifetime in Exchange for a Gift of Property

Giving property to an irrevocable Charitable Remainder Trust provides that you (and/or others you would designate) will receive certain income from the trust either for life, or for a period of years.

Afterward, the trust assets are distributed to Penn College.

Two types of Charitable Remainder Trusts are an "Annuity" trust, which pays a fixed dollar income, and "Unitrust," which pays a fixed percentage income that in dollar terms may fluctuate over time with changes in the value of trust assets.

You receive an income tax deduction for part of the amount contributed to a Charitable Remainder Trust.

As Penn College receives the property at the end of the term, the trust assets are excluded from your estate, potentially saving estate and inheritance taxes.

A minimum property value of $250,000 is required to establish a Penn College Charitable Remainder Trust.

The Penn College Institutional Advancement Office is not engaged in providing legal or tax advisory services. This information is of a general character only, and is subject to changes in state and federal tax laws, regulations and interpretations. For advice and assistance in specific cases, you should enlist the services of an attorney or other professional tax or financial advisor(s).

The Pennsylvania College of Technology Foundation, Inc. and Pennsylvania College of Technology are non-profit 501(C)(3) tax exempt organizations.

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