Nevin Demmitt and his wife, Vickie, residents of Mount Victory, Ohio, navigated retirement planning challenges, particularly due to Nevin’s farming career’s tax implications. Consulting with an estate planning attorney from Carlile Patchen & Murphy, they devised a plan involving a charitable remainder trust to finance retirement and leave a charitable legacy.
By selling grain and equipment through the trust, they minimize taxation, with over $90,000 estimated to go to charity. They use public foundations to extend their charitable impact through endowed funds and scholarships. Nevin has no regrets about the plan, describing it as a “win-win” situation.
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