charitable remainder trust

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charitable remainder trust (Charitable Remainder Irrevocable Unitrust)

n. a form of trust in which the donor (trustor or settlor) places substantial funds or assets into an irrevocable trust (a trust in which the basic terms cannot be changed or the gift withdrawn) with an independent trustee, in which the assets are to go to charity on the death of the donor, but the donor (or specific beneficiaries) will receive regular profits from the trust during the donor's lifetime. The IRS will allow a large deduction in the year the funds or assets are donated to the trust, and the tax savings can be used to buy an insurance policy on the life of the donor which will pay his/her children the proceeds upon the donor's death. Thus, the donor (trustor) can make the gift to charity, make a return on his/her money and still arrange to make a large gift at death to his/her heirs. The disadvantage is that the assets are permanently tied up or committed.

References in periodicals archive ?
CRT makes available informed industry insight, research and open source applications through its mission of implementation, advocacy and information.
The perpetual forward push of the battlefield required that the CRT reposition itself to remain close to the frontlines.
The extended follow-up included 173 patients initially assigned to CRT and 136 who were originally in the control group and were switched to CRT with or without an implantable cardioverter defibrillator 3-4 years into the study.
In a revenue ruling, the IRS addressed pro rata division of a CRT with two or more income recipients into new trusts.
Because a CRT is structured as a separate entity for all tax purposes, any transfer of assets to the trust is considered to have at least one gift component.
Under these regulatory changes, used, unbroken CRTs are not regulated as hazardous waste unless they are stored for more than a year, speculatively accumulated.
Under these new regulations, unbroken, used CRTs are not regulated as hazardous waste if they are stored for less than one year.
Also, because a spousal waiver requirement could potentially affect all CRTs, the AICPA suggested that any future guidance in this area be published in proposed form, thereby allowing practitioners an opportunity to comment on its feasibility before it becomes effective.
After the exchange to private ownership, the portfolio of assets will no longer be managed by CRT personnel.
Crocker, Chief Executive Officer and Director of CRT stated, "The CRT board of directors has unanimously approved this transaction and will recommend its approval to the common shareholders.
CRT is wholly owned by Cancer Research UK, the largest independent funder of cancer research in the world.
However, the vast majority of CRT shipments will be to less-developed countries, as more advanced markets will almost completely switch over to LCD monitors by the end of the forecast period.