What is a charitable remainder unitrust?
What will be an ideal response?
Also called a CRUT, a fixed amount of income totaling not less than 5% nor more than 50% of the net fair market value of the trust property as valued annually is paid to one or more beneficiaries. Unlike an annuity trust, this amount is not fixed for the life of the beneficiary. When the trust property’s value increases, causing an increase in the income, the beneficiary receives the greater amount. The remainder of the property is given to the charity upon the death of the beneficiary.
You might also like to view...
Which of the following is a key step in planning your career?
a. Defining long-term goals b. Coming up with short-term goals c. Reevaluating your career after some time on the job d. All of these choices are correct
A long-time client of a law firm calls and is upset. The client's mentally handicapped brother has just been tricked into buying an expensive laptop computer. The client, who is the guardian for his brother, wants to make the merchant void the sale and refund the money. The best argument for this might be:
A) the brother lacks capacity to enter into a contract. B) the contract should be in writing. C) the Parol Evidence Rule was violated. D) the Statute of Frauds was violated.
Statutes that limit the time period in which someone can sue the manufacturer of a product are called ____________________.
Fill in the blank(s) with the appropriate word(s).
Which type of legal system refers to a system based on precedent or case law?
a. Common law b. Civil law c. Natural law d. Bylaws