Minnesota Provision in Testamentary Trust with Bequest to Charity for a Stated Charitable Purpose

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Multi-State
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US-0658BG
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This form is a sample provision in a testamentary trust with a bequest to charity for a stated charitable purpose.

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FAQ

Subject to the terms of the trust deed, the trustee can distribute income or capital to a charity.

It is widely understood that a CRUT can hold an Unmarketable Asset and that the grantors can act as trustee. However, an Independent Trustee should be considered and may be required in certain circumstances, such as valuing the Unmarketable Asset.

6 There are two exceptions: (1) a donor can be a trustee, but the CRUT must have an independent trustee7 to value unmarketable assets, and (2) instead of having an independent trustee to value unmarketable assets each year, the donor may act as the trustee, but must obtain a qualified apprais- al (QA)8 for the

Testamentary trusts are discretionary trusts established in Wills, that allow the trustees of each trust to decide, from time to time, which of the nominated beneficiaries (if any) may receive the benefit of the distributions from that trust for any given period.

Beneficiary: Beneficiary(ies) refers to the person, persons, or organization that receives payments or assets from a trust. Beneficiaries can be either charitable or non-charitable, and can be either an income beneficiary or a remainder beneficiary. The beneficiary holds the beneficial title to the trust property.

You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as Trust for Public Land without having to pay income taxes on the money.

Yes, in most cases you can name yourself (and/or spouse) as trustee. As a matter of fact, according to a recent IRS Statistics of Income Bulletin, trust grantors or beneficiaries were the most common listed trustee of charitable remainder trusts.

As noted above, estates and some older trusts may be eligible for an expanded charitable deduction for amounts permanently set aside for charity. For an irrevocable trust to qualify for a charitable set-aside deduction, in general, (1) no assets may have been contributed to the trust after Oct.

Trusts can be grouped into several different categories, but two of the most common are simple trusts and complex trusts. By definition, simple trusts are not permitted to make charitable contributions, as all the income generated through a simple trust must be distributed to the trust's beneficiaries.

There are two elements to this: the charitable purpose must have an identifiable benefit, and secondly, that benefit must be available to a sufficient section of the public. It is for the court to determine whether a particular purpose is charitable.

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Minnesota Provision in Testamentary Trust with Bequest to Charity for a Stated Charitable Purpose