Martin Charitable Trust
Joe and Joyce Martin wanted to create a legacy.
The Martins are a fourth generation family who have lived in Tuolumne County for 80 years. They have been intimately involved in their community, both as volunteers and through their professional timber harvest work. Their interests are wide ranging, from education, resource management and health care to their cattle ranch in Jamestown. They wanted to create a legacy following their deaths...and thesy wanted to involve their family in their grantmaking.
They created a charitable remainder trust that will revert to the Sonora Area Foundation after their passing.
The Martins sought legal and estate planning advice to craft their legacy. They decided upon a charitable remainder trust. A portion of their estate will be donated to the Foundation, but they continue to receive income from the assets while living. The Martins avoid any capital gains tax on the donated assets, and they also enjoy an income tax deduction for the fair market value of the remainder interest of the donated assets. In addition, the assets are removed from their taxable estate, reducing subsequent estate taxes.
“We also currently have a donor advised fund at Sonora Area Foundation, but we wanted to create a perpetual legacy for Tuolumne County. The County has been so generous and has given so much to our family. We wanted to give something back. The Foundation advisors crafted the perfect planned gift and were very professional and efficient throughout the process and made us feel comfortable.”