For Joseph Bursel, setting up a charitable remainder trust (CRT) was a serious undertaking. He spent much time and energy researching many charitable organizations to make sure they fit his criteria of being administratively efficient, helping the needy and fostering Catholicism.

“I didn’t want to include organizations or causes that weren’t good stewards of the funds they have,” says the 68-year-old Sarasota resident. “It’s important to me that whatever organization I support spend as little as possible on administration and as much as possible on its mission.”

So he researched Glenmary’s ministry and examined Glenmary’s annual report. He found that “Glenmary definitely fit all my criteria,” he says. “It’s a very efficiently run organization, and I can see that the money donated to Glenmary is used primarily for the organization’s mission—to help the needy and give the gift of the Catholic faith, which is the most priceless gift of all.”

“I feel there is a real need to bring our faith to those who are not aware of it,” he says. “Glenmary addresses this in serving rural areas of America.”

Prior to establishing his charitable remainder trust he didn’t know much about Glenmary other than it was one of his mother’s favorite charities. “My parents, especially my mother, set such a good example of charitable giving,” he says. “They each had several charities they were loyal to.”

Perhaps their example has rubbed off on him, he says. “I think having them as an example has helped me focus on the importance of charitable giving and of leaving something behind.”

After exploring different ways to ensure that he does leave something behind, he says he settled on the charitable remainder trust. “It’s a wonderful way to give to organizations you care about while helping ensure your future income and tax benefits,” he says. (For detailed information on charitable remainder trusts, please see page 2 of this newsletter.)

Joseph has included several charitable organizations in his trust, many of which were the organizations his parents favored, including Glenmary.

Through the trust agreement, he generates income for his lifetime and receives significant tax benefits and estate tax benefits. And, best of all, he has the peace of mind of knowing, that after his death, the charitable organizations he cares about will also benefit.

Those who choose the charitable remainder trust option to create a planned gift are also relieved of management worries because the trust is managed by a third party. In Joseph’s case, his trust is managed by a bank. In some instances, Glenmary can also serve as the trustee.

“I would encourage anyone to investigate different ways to contribute to charitable organizations, especially charitable remainder trusts,” he says. “It’s a rewarding thing for the person, it helps the organizations, and it offers many financial advantages.”

“There are definitely more pluses than minuses to a charitable remainder trust,” he says.

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