BIG DEAL.Betcha Dick Cheney Put That 8M$ in Charitable Remainder Trusts...

[elehhhhna]

A common method of benefitting one's self and one's family while dodging taxes.


CRT's are irrevocable trusts that actually provide for and maintain two sets of beneficiaries. The first set are the income beneficiaries (you and, if married, a spouse).

Income beneficiaries receive a set percentage of income for your lifetime from the trust. The second set of beneficiaries are the charities you name. They receive the principal of the trust after the income beneficiaries pass away.



Maintaining Control

While a CRT is an irrevocable trust, you and your spouse may change the charitable beneficiaries at any time. Under certain conditions, you may even serve as trustees of the CRT. As trustees, you can maintain full investment control of the assets inside the CRT.



Capital Gains

Because their assets are destined for a charity, Charitable Remainder Trusts do not pay any capital gains taxes. These taxes can range from 10% to 20% of an asset's growth in value. For this reason, CRTs are ideal for assets like stocks or property with a low cost basis but high appreciated value.

http://www.savewealth.com/planning/estate/charitabletrusts/

[wakeme2008]

1. Oh surprise surprise... He sets up a fixed income for he and his wife

while not paying taxes and after he kicks the bucket only then do the charities see any money....

[catmandu57]

2. He's not worried about a measly six million

I would venture a guess that he's got the lions share of that nine billion missing in Iraq squirrled away somewhere.

[Jackpine Radical]

3. Like many multimillionaires, he's a notorious cheapskate.

Wasn't there some big deal about making the gov't pay his power bill at the Veep's mansion after he moved in? I can't remember the details, but it amounted to Cheney sticking the taxpayers with a couple hundred thou under questionable circumstances.