What is a Charitable Trust?
A charitable trust is somewhat similar to a private annuity trust, except that the owner transfers property to an irrevocable trust of which one or more charitable organizations will be beneficiaries. The charitable trust most likely to be used is a charitable remainder trust, in which the owner retains an income interest for his or her lifetime. The trustee can sell the property, and the proceeds are invested in providing the owner's payments. On death or after a specified term of years, the remainder of the trust estate passes to one or more designated charitable organizations. Unlike a private annuity trust, the trustee can be the property owner.
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