A Charitable Remainder Annuity Trust, is a Planned Giving vehicle that entails a donor placing a major gift of cash or property into a trust. The trust then pays a fixed amount of income each year to the donor or the donor's specified beneficiary. When the donor dies, the remainder of the trust is transferred to the charity. For example if I wanted to "" or "sell my gold" I would contact a collateral lender or pawnshop in say Beverly Hills or Los Angeles, get the most cash for it, then make the money work for me by investing in a charitable remainder annuity trust, a portion of this is paid to you every month and the portion of this that remains in account when the investor passes is donated to a charity or given to the listed beneficiary named, instead of letting that value set in a jewelry box, when you "sell your gold" or sell your diamond the money works for you, and dose good for the charity named.
Charitable trusts such as a CRAT require a trustee. Sometimes the charity is named as trustee, other times it is a third party such as an attorney, a bank or a financial advisor.
Famous quotes containing the words charitable, remainder and/or trust:
“Family ... the home of all social evil, a charitable institution for comfortable women, an anchorage for house-fathers, and a hell for children.”
—J. August Strindberg (18491912)
“Then I had only prisoners thoughts. I awaited the daily walk which I took in the yard, or my lawyers visit. I managed the remainder of my time very well. I have often thought that if I was made to live in a dry tree trunk, without any other occupation but to watch the flower of the sky above my head, I would have gradually gotten used to it.”
—Albert Camus (19131960)
“I stretch lame hands of faith, and grope,
And gather dust and chaff, and call
To what I feel is Lord of all,
And faintly trust the larger hope.”
—Alfred Tennyson (18091892)