A Grantor Charitable Lead Annuity Trust (CLAT) is an irrevocable split-interest trust that provides for a specified amount to be paid to one or more charitable beneficiaries during the term of the trust. The principal remaining in the trust at the end of the term is paid over to, or held in a continuing trust for, a non-charitable beneficiary or beneficiaries identified in the trust. If the terms of a CLAT created during the donor's life satisfy the applicable statutory and regulatory requirements, a gift of the charitable lead annuity interest will qualify for the gift tax charitable deduction under § 2522(c)(2)(B) and/or the estate tax charitable deduction under § 2055(e)(2)(B). In certain cases, the gift of the annuity interest may also qualify for the income tax charitable deduction under § 170(a). The value of the remainder interest is a taxable gift by the donor at the time of the donor's contribution to the trust.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
The Hennepin Minnesota Inter Vivos Granter Charitable Lead Annuity Trust is a legal arrangement that allows individuals in Hennepin County, Minnesota to contribute assets to a trust for the purpose of making charitable donations while also receiving a fixed annuity payment for a specified period. This trust structure is commonly used for estate planning and charitable giving strategies, providing both philanthropic opportunities and financial benefits. Keywords: Hennepin Minnesota, Inter Vivos Granter Charitable Lead Annuity Trust, legal arrangement, assets, charitable donations, fixed annuity payment, estate planning, philanthropic opportunities, financial benefits. There are two types of Hennepin Minnesota Inter Vivos Granter Charitable Lead Annuity Trusts: 1. Hennepin Minnesota Revocable Inter Vivos Granter Charitable Lead Annuity Trust: This type of trust allows the granter to retain control over the trust assets during their lifetime. The granter has the power to modify or revoke the trust if their circumstances change. It offers flexibility and enables individuals to support charitable causes while maintaining some control over their assets. 2. Hennepin Minnesota Irrevocable Inter Vivos Granter Charitable Lead Annuity Trust: Unlike the revocable trust, this type of trust cannot be modified or revoked once it is established. The granter permanently transfers assets into the trust, relinquishing ownership and control. However, this structure may offer additional tax benefits as the donated assets are removed from the granter's estate, potentially reducing estate taxes. Both types of Hennepin Minnesota Inter Vivos Granter Charitable Lead Annuity Trusts serve the purpose of supporting charitable organizations and causes within Hennepin County while allowing individuals to benefit from fixed annuity payments. These trusts offer opportunities for philanthropy, estate planning, and potential tax advantages, making them attractive options for individuals seeking to leave a lasting charitable legacy.The Hennepin Minnesota Inter Vivos Granter Charitable Lead Annuity Trust is a legal arrangement that allows individuals in Hennepin County, Minnesota to contribute assets to a trust for the purpose of making charitable donations while also receiving a fixed annuity payment for a specified period. This trust structure is commonly used for estate planning and charitable giving strategies, providing both philanthropic opportunities and financial benefits. Keywords: Hennepin Minnesota, Inter Vivos Granter Charitable Lead Annuity Trust, legal arrangement, assets, charitable donations, fixed annuity payment, estate planning, philanthropic opportunities, financial benefits. There are two types of Hennepin Minnesota Inter Vivos Granter Charitable Lead Annuity Trusts: 1. Hennepin Minnesota Revocable Inter Vivos Granter Charitable Lead Annuity Trust: This type of trust allows the granter to retain control over the trust assets during their lifetime. The granter has the power to modify or revoke the trust if their circumstances change. It offers flexibility and enables individuals to support charitable causes while maintaining some control over their assets. 2. Hennepin Minnesota Irrevocable Inter Vivos Granter Charitable Lead Annuity Trust: Unlike the revocable trust, this type of trust cannot be modified or revoked once it is established. The granter permanently transfers assets into the trust, relinquishing ownership and control. However, this structure may offer additional tax benefits as the donated assets are removed from the granter's estate, potentially reducing estate taxes. Both types of Hennepin Minnesota Inter Vivos Granter Charitable Lead Annuity Trusts serve the purpose of supporting charitable organizations and causes within Hennepin County while allowing individuals to benefit from fixed annuity payments. These trusts offer opportunities for philanthropy, estate planning, and potential tax advantages, making them attractive options for individuals seeking to leave a lasting charitable legacy.
