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Simple English definitions for legal terms

charitable remainder annuity trust

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A quick definition of charitable remainder annuity trust:

A charitable remainder annuity trust (CRAT) is a type of trust that allows someone to give money to a charity while still receiving income from it during their lifetime. The person who creates the trust (called the grantor) chooses a fixed percentage of the trust's assets to receive as income each year. After the grantor dies, the remaining assets in the trust go to the chosen charity. The grantor can't change the trust once it's created, but they do get tax benefits and can avoid paying capital gains taxes. CRATs are different from charitable remainder unitrusts (CRUTs), which allow for more flexibility in how income is generated and how much can be contributed after the trust is created.

A more thorough explanation:

A Charitable Remainder Annuity Trust (CRAT) is a type of trust that allows a person to generate income from their assets while also benefiting a charity. The trust pays a fixed percentage of its assets to the grantor or a chosen beneficiary for a set period of time, and then transfers the remaining assets to a charity after the beneficiary's death.

For example, let's say John creates a CRAT and funds it with $1 million. He chooses to receive 5% of the trust's assets every year for the next 20 years. After 20 years, the remaining assets in the trust will be transferred to a charity of John's choice.

CRATs are popular because they offer tax benefits to the grantor. They can receive deductions and delay capital gains taxes while still generating income from their assets. However, once the trust is created, the grantor cannot make any changes to it, including adding more assets to the trust.

It's important to note that CRATs are different from Charitable Remainder Unitrusts (CRUTs). CRUTs generate income based on the trust's performance and allow contributions by the grantor after its creation.

charitable organization | charitable remainder trust

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just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
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