CLUT, CLUT, CLAT
Everything you always wanted to know about charitable lead trusts but were afraid to ask.
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In both grantor and non-grantor situations, the settlor will be entitled to a federal-gift tax deduction or federal-estate tax deduction depending on when the transfer is made.
The amount of the deduction, for income, gift or estate-tax purposes, is the actuarial value of the charitable interest. Like charitable remainder trusts, the applicable federal rate for the month the transfer rate is made or the two previous months may be used.
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Kathleen Stephenson
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Lisa B. Petkun
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Lisa B. Petkun is a partner in the tax department at Pepper Hamilton LLP.
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