Nassau New York Charitable Remainder Inter Vivos Annuity Trust

Name: Nassau New York Charitable Remainder Inter Vivos Annuity Trust
Brand: US Legal Forms
Rating: 4.69 (323 reviews)

Category:

Trusts - Living Trusts

State:

Multi-State

County:

Nassau

Control #:

US-00615BG

Format:

Instant download

Description

The following form is a sample of a charitable remainder inter vivos annuity trust.

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FAQ

How to Set up a Charitable Remainder TrustCreate a Charitable Remainder Trust.Check with the IRS that the charity you want to benefit is approved.Transfer assets into the Trust.Name the charity as Trustee.Create a provision that states who the lead beneficiary is - remember, this can be yourself or someone else.More items...

Any income that you receive from your charitable trust could reduce the total contribution that you end up leaving to your charity. You may risk leaving nothing to your charity if you plan to receive high payments from the trust while you're alive.

In either type of CRT (unitrust or annuity trust), the Internal Revenue Service (IRS) requires that the payout rate stated in the trust cannot be less than 5 percent or more than 50 percent of the initial fair market value of the trust's assets.

CRTs are exempt from income tax. The CRT assumes the grantor's adjusted cost basis and holding period in the property. If the CRT sells appreciated property, neither the grantor nor the CRT will pay immediate income tax on the sales.

Unlike a gift annuity, a charitable remainder trust is not a contract with a charity to make a guaranteed payment. The payments from the CRAT continue if the trust has enough assets to make the payments. If the principal is exhausted, payments to the beneficiary stop.

Disadvantages of CRT :Big back and take up space on a desk.Not suitable for very brightly environment because less bright than LCD.They are large, heavy and bulky.Consume a lot of electricity and also produce a lot of heat.Geometrical error at edges.Flickering at 50-80 Hz.Harmful DC and AC electric and magnetic fields.

If the CRT is funded with cash, the donor can use a charitable deduction of up to 60% of Adjusted Gross Income (AGI); if appreciated assets are used to fund the trust, up to 30% of their AGI may be deducted in the current tax year.

A CRT lets you convert a highly appreciated asset like stock or real estate into lifetime income. It reduces your income taxes now and estate taxes when you die. You pay no capital gains tax when the asset is sold. It also lets you help one or more charities that have special meaning to you.

Charitable remainder annuity trusts (CRATs) distribute a fixed annuity amount each year, and additional contributions are not allowed.

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The trust's assets are listed in the documents as “The Trustees' personal property, real and personal property, including cash, securities, bank deposits, and other investments, including securities of other trust companies and trusts, and non-trust financial assets.” The trust owns three large parcels in the Bahamas containing more than 500,000 at an asking price of 976,000 — a whopping 22 times the appraised value. And there are more than half a dozen more real estate parcels with an appraised value of 100,000 more or less than that on the trusts account. Even so, the trust has agreed not to sell any more real estate until 2017, giving it the appearance that it is not planning to give up any money until the Trump presidency is over. It has also agreed not to enter an asset sale unless the Trump campaign or the presidential transition provides written notice that the sale involves a financial asset and requires approval by the IRS.

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The materials in this section are taken from public sources. We disclaim all representations or any warranties, express or implied, as to the accuracy, authenticity, reliability, accessibility, adequacy, or completeness of any data in this paragraph. Nevertheless, we make every effort to cite public sources deemed reliable and trustworthy.

Nassau New York Charitable Remainder Inter Vivos Annuity Trust

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