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Charitable Remainder Unitrust
A Charitable Remainder Unitrust, also known as a CRUT (or Unitrust), is an irrevocable transfer of assets from a donor (or donors) to a trust.
It is a special vehicle approved by the Internal Revenue Service that allows individuals to make a charitable gift, receive charitable deductions, and yet receive the income from the gift for life (or lives) for a term of years.
At the termination of the trust, any remaining funds are transferred free of the trust to the charity or charities designated by the donor when the donor established the trust. Because the assets eventually go to a charity, special tax benefits are available at the time of the gift by the donor.
Mr. Smith transfers $100,000 to fund a Charitable Remainder Unitrust. He chooses to receive 8% of the fair market value of the unitrust assets each year (payable quarterly). The first year, Mr. Smith receives $8,000. One year later, the trust assets are worth $110,000. Mr. Smith receives $8,800 for the upcoming year ($110,000 x 8%). If the assets are worth $120,000 the following year, (Mr. Smith will receive $9,600 for that year ($120,000 x 8%) and so on, each year after his life.
Following his death, our team at Provision will distribute the income from the CRUT to the causes Mr. Smith named as beneficiaries – which in this scenario are the International Mission Board, First Baptist Church, and the Baptist Children’s Home.