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:
“Against the charitable gesture there is no defence.”
—Samuel Beckett (1906–1989)
““What have I gained?”
“Experience,” said Holmes, laughing. “Indirectly it may be of value, you know; you have only to put it into words to gain the reputation of being excellent company for the remainder of your existence.””
—Sir Arthur Conan Doyle (1859–1930)
“For most of my adult life, I have been an emotional hit-and- run driver—that is, a reporter. I made people like me, trust me, open their hearts and their minds to me, and cry and bleed on to the pages of my neat little notebooks, and then I went back to a safe place and made a story out of it.”
—Anna Quindlen (b. 1952)