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   13) Single/Married Person Basic Trust

 
  • The Single/Married Person Basic Trust CRT is a Sole-Grantor Charitable Remainder Trust (CRT) can that be used by either a single person or a married individual.

  • The Single/Married Person Basic CRT provides for a lifetime payout only of trust income to the grantor; after the decease of the grantor, the remaining principal would be distributed, outright, to the charity(s) designated in the trust.

  • A CRT can be created, and qualified, as either an “Annuity Trust” or a “Unitrust”.

  • A Charitable Remainder Annuity Trust (CRAT) may receive only a one-time donation; a Charitable Remainder Unitrust (CRUT) may receive multiple donations,including donations from year to year or at any interval during the entire existence of the trust.

     

  • TA qualified charitable trust is a special trust designed to conform to the regulations and requirements in sections 674, 170, 2055, and 2522 of the Internal Revenue Code (IRC) as amended in 1986, for the purpose of allowing the grantor to make deferred gift(s) to a qualified charity(s) and, in turn, receive certain benefits as result of that gift.

  • A qualified charity is typically an entity organized under the rules outlined in IRC section 501(c)(3); a qualified charity is “qualified” to receive gifts from donors in which the donor may take a dollar-for-dollar charitable deduction.

  • When a charitable gift is made to a qualified charitable trust, then the gift becomes classified as deferred – not a gift of present interest.

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