Barry Bondroff (Advisor and CPA)
Barry Bondroff had a client who no longer needed the forced income from the regular payouts of their charitable remainder trust (and the tax bill that came with it). Instead, the client wanted to let the principal of the trust stay invested to continue growing tax deferred and to eventually make their children the income beneficiaries of the CRT. Barry contacted Sterling and learned about the CRT Rollover, a unique strategy for clients who own a CRT that no longer fits their estate planning needs and would like to make a change.
Kim Edgar set up a charitable remainder trust years ago with her (now) ex-husband. When the couple later decided to get a divorce, Kim wanted to know if there was a way to somehow split the trust and go their separate ways. Kim contacted Sterling, who helped her and her ex-husband sell their CRT income interest and divide the proceeds. Not only are they no longer tied together by the trust, the sale has given Kim the freedom to start her own business, travel, and spend more time with her kids.
Carole and Marty Hambel
Years ago, Marty Hambel funded a Charitable Remainder Trust and listed himself and his wife as contingent income beneficiaries. After his wife passed away, Marty got remarried to Carole. He started to become concerned that Carole would suffer a cut in living standards after his passing, but he also didn't want to pay a big capital gains tax on a sale. Marty contacted Sterling, who helped him roll his current CRT into a new CRT and add his wife as a beneficiary. Now the trust will continue making income distributions for the rest of his and his wife's lifetimes.
Don Mehlig, Chairman of M Advisory Group, established a Charitable Remainder Trust over two decades ago. However, after all the accounting fees and red tape the trust generated, he realized that it wasn't worth the hassle. When Don received one of our letters in the mail, he decided to call us to learn more about our program. We reviewed Don’s trust and quickly realized that a sale of his CRT income interest was the best path forward. Don received a sizeable cash lump-sum and freed himself from the burdensome requirements of his CRT.
Barry Gorson, President of Top Gun Sales Performance, established a Charitable Remainder Trust in 1994 that was performing relatively well. When Sterling informed Barry of the possibility of selling his CRT income interest, he became intrigued and decided to explore the option. After conducting a thorough analysis of both options (keeping the CRT and selling the interest), he determined that he would be better off taking the lump-sum payment and reinvesting the proceeds. Sterling guided Barry through the sale process, and he is now earning more than he was when he had the CRT.
David Seems (Advisor)
David Seems, Managing Partner of Business Advisors LLC, recently worked with Sterling on a Charitable Remainder Trust transaction for one of his clients. In the video above, Seems explains more about how Sterling took the time to educate him and his client and guide them through the sales process.