What are the differences between charitable trust vs. revocable living trust.
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What are the differences between charitable trust vs. revocable living trust.
In revocable living trust beneficiary receives assets of trust upon death of trustor. How does beneficiary of charitable trust receive assets of trust ? Must death also be involved as in revocable living trust ?
Asked on August 4, 2010 under Estate Planning, Connecticut
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Is this a Charitable Remainder Trust? Are you the beneficiary of the annuity paid to the donor (person that created the trust) such as a spouse or child? Then generally what happens is that on the death of the donor you as the beneficiary will receive the income from the trust asset. The asset will ultimately revert to the charity. And you should be careful as the annuity can be seen as a gift subject to a tax and the filing of a gift tax return. If this is not what is going on I would suggest that you take the Will and/r Trust documents to an attorney in your area to review. It is difficult to give you guidance without reading the documents involved. Good luck.
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