Franklin Ohio Charitable Remainder Inter Vivos Annuity Trust

• Category: Trusts - Living Trusts
• State: Multi-State
• County: Franklin
• Control #: US-00615BG
• Format: Word; Rich Text

Description

The following form is a sample of a charitable remainder inter vivos annuity trust. The Franklin Ohio Charitable Remainder Inter Vivos Annuity Trust is a legal entity that allows individuals to contribute assets to a trust while receiving an income stream for a specified period. The primary purpose of this type of trust is to support charitable organizations or causes in Franklin, Ohio. It offers distinct advantages for individuals who wish to make a lasting impact and reap potential tax benefits. The Franklin Ohio Charitable Remainder Inter Vivos Annuity Trust is categorized as a "charitable remainder trust," designed to provide a fixed income to the donor (also known as the granter) for life or a specified number of years. Upon the expiration of the trust term, the remaining assets are then transferred to a charitable organization designated by the granter. Different types of Franklin Ohio Charitable Remainder Inter Vivos Annuity Trusts include: 1. Irrevocable Charitable Remainder Annuity Trust: This type of trust offers a fixed payout amount to the granter, regardless of fluctuations in the trust's investments. It provides stability to income beneficiaries. 2. Revocable Charitable Remainder Annuity Trust: Unlike an irrevocable trust, this type allows the granter to retain control over the assets and make changes or cancel the trust during their lifetime. It offers flexibility in estate planning and charitable contributions. 3. Charitable Lead Annuity Trust: While not strictly categorized under the "Charitable Remainder Inter Vivos Annuity Trust," a Charitable Lead Annuity Trust deserves mention in relation to charitable planning. In this trust, income from the assets is paid to a charitable organization for a specific period, after which the remaining assets are transferred to non-charitable beneficiaries, such as family members or individuals. By establishing a Franklin Ohio Charitable Remainder Inter Vivos Annuity Trust, individuals can create a long-term philanthropic plan while enjoying regular income. It allows them to support causes close to their hearts while potentially reducing their tax burden. This type of trust ensures that their charitable intentions continue to benefit the community of Franklin, Ohio, even after their lifetime.

The Franklin Ohio Charitable Remainder Inter Vivos Annuity Trust is a legal entity that allows individuals to contribute assets to a trust while receiving an income stream for a specified period. The primary purpose of this type of trust is to support charitable organizations or causes in Franklin, Ohio. It offers distinct advantages for individuals who wish to make a lasting impact and reap potential tax benefits. The Franklin Ohio Charitable Remainder Inter Vivos Annuity Trust is categorized as a "charitable remainder trust," designed to provide a fixed income to the donor (also known as the granter) for life or a specified number of years. Upon the expiration of the trust term, the remaining assets are then transferred to a charitable organization designated by the granter. Different types of Franklin Ohio Charitable Remainder Inter Vivos Annuity Trusts include: 1. Irrevocable Charitable Remainder Annuity Trust: This type of trust offers a fixed payout amount to the granter, regardless of fluctuations in the trust's investments. It provides stability to income beneficiaries. 2. Revocable Charitable Remainder Annuity Trust: Unlike an irrevocable trust, this type allows the granter to retain control over the assets and make changes or cancel the trust during their lifetime. It offers flexibility in estate planning and charitable contributions. 3. Charitable Lead Annuity Trust: While not strictly categorized under the "Charitable Remainder Inter Vivos Annuity Trust," a Charitable Lead Annuity Trust deserves mention in relation to charitable planning. In this trust, income from the assets is paid to a charitable organization for a specific period, after which the remaining assets are transferred to non-charitable beneficiaries, such as family members or individuals. By establishing a Franklin Ohio Charitable Remainder Inter Vivos Annuity Trust, individuals can create a long-term philanthropic plan while enjoying regular income. It allows them to support causes close to their hearts while potentially reducing their tax burden. This type of trust ensures that their charitable intentions continue to benefit the community of Franklin, Ohio, even after their lifetime.