Revocable Living Trusts - Provide substantial savings by eliminating the need for probate of your estate. Whether single, married, or planning for retirement years, the future of those you care about most will be a reflection of plans made today. At your death the balance of the annuity goes to Abilities. You receive a current income-tax deduction based on the projected value ultimately passing to Abilities. Enables you to receive a fixed income for life and a tax deduction for the value of the remainder interest that will pass to Abilities.
Trusts are exempt from capital gains tax and can be funded with appreciated stock.
Since the trust is exempt from income tax and only the value of the income interest to the beneficiary is subject to estate tax, the beneficiary will receive much more lifetime income when the CRT is used. Contributions to Abilities are received by the Abilities Foundation, Inc. Established in 1983, the Foundation is governed by a Board of Trustees that helps acquire, invest, and distribute contributions in support of the housing, health, independent living and work-related needs of individuals with disabilities to the benefit of Abilities. Unless otherwise designated, planned gifts will become part of the Founder's Fund endowment, which was established by Mr. and Mrs. J. Shirley Gracy. A portion of interest and earnings from this endowment are distributed to Abilities annually.