Harris Texas Charitable Remainder Inter Vivos Unitrust Agreement

• Category: Trusts - Living Trusts
• State: Multi-State
• County: Harris
• Control #: US-00616BG
• Format: Word; Rich Text

Description

The following form is a sample of a charitable remainder inter vivos unitrust agreement. The Harris Texas Charitable Remainder Inter Vivos Unit rust Agreement is a legal instrument that allows individuals to make a charitable gift while retaining income from the donated assets. This type of agreement is particularly useful for individuals looking to donate assets to a charitable organization but still want to receive income generated from those assets during their lifetime. The Harris Texas Charitable Remainder Inter Vivos Unit rust Agreement functions in the following way: an individual, known as the donor, transfers assets to a trust. The trust, operated by a trustee, then manages the assets and pays the donor a fixed percentage of the trust's value each year. This annual payment is either a fixed dollar amount or a percentage of the trust's value, whichever is elected by the donor. After the donor's passing, the remaining trust assets are then distributed to the designated charitable organization. There are different types of Harris Texas Charitable Remainder Inter Vivos Unit rust Agreements, each with unique features and benefits. These variations include: 1. Standard Unit rust: This type of agreement provides a fixed percentage annual payment to the donor, based on the trust's value recalculated each year. This allows the donor to receive potential income growth if the trust's value increases over time. 2. Net Income with Makeup Unit rust: With this agreement, the donor receives a distribution equal to the net income generated by the trust each year or a fixed percentage, whichever is less. If the trust's income falls below the fixed percentage, the shortfall can be made up in future years when the trust has income in excess of the fixed percentage. 3. Flip Unit rust: A Flip Unit rust begins as a Net Income with Makeup Unit rust, but "flips" to become a Standard Unit rust if certain triggering events occur, such as the sale of a property or the death of an individual. 4. Net Income Unit rust: In this type of agreement, the donor receives a distribution equal to the net income generated by the trust, without the makeup provisions. This ensures a fixed income stream for the donor without regard to the trust's value fluctuations. Overall, the Harris Texas Charitable Remainder Inter Vivos Unit rust Agreement offers individuals an effective means of both supporting a charitable cause and enjoying income from their assets during their lifetime. The different types of unit rust agreements allow donors to choose the structure that best fits their financial goals and charitable intentions.

The Harris Texas Charitable Remainder Inter Vivos Unit rust Agreement is a legal instrument that allows individuals to make a charitable gift while retaining income from the donated assets. This type of agreement is particularly useful for individuals looking to donate assets to a charitable organization but still want to receive income generated from those assets during their lifetime. The Harris Texas Charitable Remainder Inter Vivos Unit rust Agreement functions in the following way: an individual, known as the donor, transfers assets to a trust. The trust, operated by a trustee, then manages the assets and pays the donor a fixed percentage of the trust's value each year. This annual payment is either a fixed dollar amount or a percentage of the trust's value, whichever is elected by the donor. After the donor's passing, the remaining trust assets are then distributed to the designated charitable organization. There are different types of Harris Texas Charitable Remainder Inter Vivos Unit rust Agreements, each with unique features and benefits. These variations include: 1. Standard Unit rust: This type of agreement provides a fixed percentage annual payment to the donor, based on the trust's value recalculated each year. This allows the donor to receive potential income growth if the trust's value increases over time. 2. Net Income with Makeup Unit rust: With this agreement, the donor receives a distribution equal to the net income generated by the trust each year or a fixed percentage, whichever is less. If the trust's income falls below the fixed percentage, the shortfall can be made up in future years when the trust has income in excess of the fixed percentage. 3. Flip Unit rust: A Flip Unit rust begins as a Net Income with Makeup Unit rust, but "flips" to become a Standard Unit rust if certain triggering events occur, such as the sale of a property or the death of an individual. 4. Net Income Unit rust: In this type of agreement, the donor receives a distribution equal to the net income generated by the trust, without the makeup provisions. This ensures a fixed income stream for the donor without regard to the trust's value fluctuations. Overall, the Harris Texas Charitable Remainder Inter Vivos Unit rust Agreement offers individuals an effective means of both supporting a charitable cause and enjoying income from their assets during their lifetime. The different types of unit rust agreements allow donors to choose the structure that best fits their financial goals and charitable intentions.