Charitable Remainder Trust
A Charitable Remainder Trust is a tax-exempt irrevocable trust in which an individual donates property or money to a charity such as VPM, but continues to use the property and/or receive income from it while living. The beneficiaries receive the income and the charity receives the principal after a specified period of time.
- Donor avoids capital gains tax on the donated assets
- Donor receives income tax deduction for the fair market value of the remainder interest that the trust earned
- Asset is removed from the donor’s estate, reducing subsequent estate taxes
- Donor/beneficiary receives income for a specified period of time
- VPM and/or other charity receives the principal after a specified period of time
- Legacy Society benefits
Tax Status, Tax Identification Number VPM's legal name is Commonwealth Public Broadcasting Corporation. We are a 501(c)3 tax-exempt, charitable organization headquartered at 23 Sesame Street, Richmond VA 23235. Our federal tax identification number is 54-0735782. Your attorney may want to include this number in your will or trust to help your executor facilitate your bequest.