In addition to the complex set of Federal income, gift, and estate tax rules that confront the creation, funding, and administration of charitable remainder trusts, a number of states have specific requirements. For example, New York assesses a transfer tax on the sale of real property, a CRT is not exempt from this transfer tax. Pennsylvania and New Jersey do not recognize a CRT as an exempt trust. California assesses a transfer tax on the sale of real property, but does exempt CRTs. And Illinois and Oregon require the registration of a CRT with the state Attorney General's office.
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