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In this podcast hosts Pat Ennis of ENNIS Legacy Partners and Walter Deyhle of GRF CPAs & Advisors discuss the effective use of Charitable Lead Annuity Trusts (CLATS) in planning your exit with Estate Planning Attorney Jonathon Morrison of Frazer, Ryan, Goldberg & Arnold of Scottsdale, AZ.
Jonathon addresses the following questions:
In simple terms, what is a CLAT and how can it work well in the year of a business sale?
What is the typical profile of somebody funding a CLAT?
What is the funding process and is there an urgency…or timing considerations when funding?
Is there a minimum funding amount? And what kind of expenses should a business owner expect in establishing a CLAT?
If you're in the year of actually selling your business, desire to minimize both income and estate taxes, and have philanthropic interests, this episode will help you better understand a planning tool that could meet those objectives.