Arizona Provision in Testamentary Trust with Bequest to Charity for a Stated Charitable Purpose
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FAQ
The cy pres doctrine is a principle of law that courts use to save a charitable trust from failing when a charitable objective is originally or later becomes impossible or impracticable to fulfill.
The trust can also be used to reduce estate tax liabilities and ensure professional management of the assets. A disadvantage of a testamentary trust is that it does not avoid probatethe legal process of distributing assets through the court.
To help you get started on understanding the options available, here's an overview the three primary classes of trusts.Revocable Trusts.Irrevocable Trusts.Testamentary Trusts.More items...?
Charitable bequests from your will combine philanthropy and tax benefits. Bequests are gifts that are made as part of a will or trust. A bequest can be to a person, or it can be a charitable bequest to a nonprofit organization, trust or foundation. Anyone can make a bequestin any amountto an individual or charity.
A bequest is a gift, but a gift is not necessarily a bequest. A bequest describes the act of leaving a gift to a loved one through a Will. For example, you could simply state something like I bequest my red Corvette to my son in a Will. On the other hand, a gift can be made outside of a Will.
How does it save tax? A testamentary trust allows the person who controls it to split the income generated by the trust between family members. Importantly, children who receive income from a testamentary trust are taxed at adult tax rates, instead of penalty rates (up to 66%) which apply to other types of trusts.
The cy pres doctrine means "as near as possible" - practically, this means that the court rewrites the charitable gift or trust so that it is no longer impossible or impracticable to carry out.
Uniform Trust Code The UTC codifies that cy-pres applies only to charitable trusts where the original particular purpose of the trust has become impossible or impracticable, and the terms of the trust do not specify what is to happen in such a situation.
A testamentary trust (a trust established by will after death) is subject to tax at graduated income tax rates. Conversely, an inter vivos trust (a trust created during a settlor's lifetime) is taxed at the highest marginal tax rate applicable to individuals (currently 43.7% in BC).
A testamentary charitable remainder trust is created with assets upon your death. The trust then makes regular income payments to your named heirs for life or a term of up to 20 years.
