Washington Provisions for Testamentary Charitable Remainder Unitrust for One Life

• Category: Trusts - Testamentary
• State: Multi-State
• Control #: US-0660BG
• Format: Word; Rich Text

Description

Unitrust refers to a trust from which a fixed percentage of the net fair market value of the trusts assets valued annually, is paid each year to a beneficiary. In these trusts, the donor transfers property to a trust after retaining the right to receive p

Washington provisions for testamentary charitable remainder unit rust for one life refer to specific regulations and options available in Washington state for creating a charitable remainder unit rust through a testamentary document, typically a will or trust agreement. This type of estate planning tool allows individuals to make a charitable gift while also providing themselves or a designated beneficiary with an income stream for the rest of their life. Keywords: Washington provisions, testamentary charitable remainder unit rust, one life, estate planning, charitable gift, income stream. In Washington, there are several variations and options when it comes to creating a testamentary charitable remainder unit rust for one life. The main goal is to provide a reliable income stream for the individual or designated beneficiary while supporting a chosen charitable cause or organization. Here are the different types of Washington provisions for testamentary charitable remainder unit rust for one life: 1. Charitable Remainder Unit rust (CUT): This is the most common type of testamentary charitable remainder unit rust. It allows for an individual or their beneficiary to receive a fixed percentage of the trust assets' value, revalued annually, while alive. After the death of the income beneficiaries, the remaining trust assets are distributed to the designated charitable organization(s). 2. Charitable Remainder Annuity Unit rust (CRAFT): This variation of the unit rust structure provides a fixed annuity amount to the income beneficiary, recalculated annually based on the initial value of assets placed in the trust. Similar to CUT, the remaining trust assets are distributed to the selected charitable cause upon the death of the beneficiary. 3. Flip CUT: This option allows the trust to begin as a charitable remainder annuity trust (CAT) during the lifetime of the income beneficiary. However, upon the occurrence of a predetermined triggering event, such as the sale of appreciated assets, the trust "flips" into a charitable remainder unit rust, providing the potential for continued income while also allowing for better tax planning and asset management. 4. Net Income Charitable Remainder Unit rust (NICEST): In this variation of the unit rust, the income beneficiaries receive either the net income generated by the trust or a fixed percentage of the trust assets' value, whichever is less, as their income stream. The remaining trust assets are eventually distributed to the charitable beneficiaries. It is important to consult with an experienced estate planning attorney or financial advisor in Washington to understand the specific requirements and implications of each provision and determine the most suitable option considering individual circumstances and goals. Overall, Washington provisions for testamentary charitable remainder unit rust for one life provide individuals with a flexible and impactful method to support charitable causes or organizations while ensuring a secure income stream during their or their beneficiary's lifetime.