Charitable Remainder Trust Document Withdrawn
Description
How to fill out Charitable Remainder Inter Vivos Unitrust Agreement?
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FAQ
A Charitable Remainder Trust (CRT) is a gift of cash or other property to an irrevocable trust. The donor receives an income stream from the trust for a term of years or for life and the named charity receives the remaining trust assets at the end of the trust term.
One way to achieve a termination is by commutation. A commutation involves the liquidation of the CRT by distributing to all the beneficiaries the actuarial value of their interests directly from the CRT. Several recent Private Letter Rulings (?PLRs?) address the validity and taxation of a CRT's commutation.
A charitable trust will terminate by its terms if the trust document provides for termination at a specific time or under specific circumstances. A charitable trust may also terminate pursuant to a court action. The trust document may also authorize the trustee(s) to terminate at the trustees' discretion.
Generally, if a trust beneficiary is the owner of all interests in a trust (both the income and remainder interests), the trust terminates, and the beneficiary has access to the trust principal. If the merger doctrine doesn't apply under governing state law, a court order may be required to terminate the trust.
At common law, by unanimous consent, all the beneficiaries of an irrevocable trust could compel its termination or modification. 1 Several Internal Revenue Service private letter rulings allow early CRT termination.