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Research Request: State by State Administration of CRTs
Summary
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.
PGDC Editorial Board member Ted R. Batson, Jr., MBA, CPA, CFP, who serves as Senior Vice President Professional Services for Renaissance, Inc., is preparing a more exhaustive list and is soliciting the input of PGDC members for inclusion in an upcoming PGDC article.
If you have encountered a state specific issue in the administration of a CRT and would like to contribute to the knowledgebase, please e-mail us the details to editor@pgdc.com.
Thank you.
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