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Simple English definitions for legal terms

charitable remainder unitrust

Read a random definition: Electronic Data Interchange agreement

A quick definition of charitable remainder unitrust:

A charitable remainder unitrust (CRUT) is a special type of trust that allows someone to give money or assets to a charity while still receiving income from those assets for a certain amount of time. This type of trust can also provide tax benefits for the person creating it. The amount of income received is based on a percentage of the trust's assets or income, and federal laws require that at least 5% of the trust's assets be given to the beneficiary each year. Additionally, at least 10% of the original assets must be given to the charity. Unlike other types of trusts, CRUTs allow the person creating it to add more money to the trust after it has been established.

A more thorough explanation:

A Charitable Remainder Unitrust (CRUT) is a type of trust that allows a person to donate assets to a charity while still receiving income from those assets for a certain amount of time. This type of trust can provide tax benefits for the donor.

For example, let's say John wants to donate $100,000 to a charity but also wants to receive income from that money for the next 10 years. John can create a CRUT and transfer the $100,000 to the trust. The trust will then invest the money and pay John a percentage of the trust's assets or income each year for 10 years. After 10 years, the remaining assets in the trust will be given to the charity.

It's important to note that federal laws require the yearly percentage to be at least 5% for CRUT incomes based on the trust's assets. Additionally, CRUTs must leave at least 10% of the original assets of the trust to be given to the charity.

Another type of charitable remainder trust is the Charitable Remainder Annuity Trust (CRAT), which gives a fixed percentage of the trust's assets to the beneficiary every year and cannot receive more contributions after the trust is formed.

charitable remainder trust | charitable trust

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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