Elderly sisters gain current income, support causes they care about
Attorney Greg Hyde has no crystal ball in his law office, but he does spend a lot of time looking into the future on behalf of his charitably-minded clients.
"Everyone has different charitable interests and different needs in their estate planning, whether it's a guaranteed income stream for retirement or tax savings to balance the gains in an estate," says Hyde.
In helping two childless sisters, he found that a Charitable Remainder Trust was the best answer to providing income during life, with the remainder left to establish designated funds at The Community Foundation. Today these gifts continue to benefit charities the sisters cared about, including the Birmingham Botanical Gardens and the Humane Society.