Unitrust Online Forum
Description
How to fill out Charitable Remainder Inter Vivos Unitrust Agreement?
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FAQ
Distributions from a charitable remainder unitrust are taxed to income recipients based on what is known as the ?four-tier system? of taxation. The system prioritizes the order in which income is distributed from the trust.
Standard unitrusts The unitrust percentage must be at least five percent and is multiplied by the fair market value of the trust assets at the beginning of each year to determine the annual payout to the income beneficiaries.
For example, if the grantor established a $1 million unitrust with a 4% payout for a spouse, the beneficiary would receive $40,000 in the first year, with larger distributions in subsequent years as the principal grows over time.
A charitable remainder unitrust (CRUT) pays a percentage of the value of the trust each year to noncharitable beneficiaries. The payments generally must equal at least 5% and no more than 50% of the fair market value of the assets, valued annually.
Generally, the unitrust amount is a fixed percentage (which is not less than five percent) of the net fair market value of the trust's assets as determined each year (a fixed percentage charitable remainder unitrust, or CRUT). The fixed percentage may be expressed as either a fraction or a percentage.