Charitable Remainder Unitrust (CRUT): Flip-CRUT and Flip-NIMCRUT Unitrust Payment Options for Term of Concurrent and Consecutive Interests (Georgia)

This legal template provides a comprehensive framework for the establishment and operation of Charitable Remainder Unitrusts (CRUTs) in the state of Georgia, in accordance with the laws of the United States. Specifically, it focuses on two distinct unitrust payment options known as Flip-CRUT and Flip-NIMCRUT, which allow for concurrent and consecutive interests in a charitable remainder trust.

A Charitable Remainder Unitrust (CRUT) is a type of irrevocable trust that enables individuals to transfer assets to a trust while retaining the right to receive income for a specified period or until their death. The remaining assets in the trust are then distributed to one or more charitable organizations as specified by the creator of the trust.

The template provides detailed guidelines and legal provisions for structuring a Flip-CRUT or Flip-NIMCRUT, which are unique variations of CRUTs. These payment options are designed to provide flexibility and potential tax advantages to donors.

Concurrent interest refers to the situation where income beneficiaries receive payments at the same time as the charitable organization. In contrast, consecutive interest occurs when income beneficiaries receive payments for a specific period, after which the charitable organization receives the remaining assets.

Under Georgia law and the laws of the United States, the template outlines the necessary legal requirements, documentation, and procedures for establishing and maintaining Flip-CRUT and Flip-NIMCRUT arrangements. It includes provisions for selecting charitable beneficiaries, determining the payment amount, addressing trustee responsibilities, and ensuring compliance with relevant tax regulations.

Overall, this legal template is a comprehensive resource for individuals or entities seeking to create CRUTs with Flip-CRUT or Flip-NIMCRUT payment options in Georgia, providing the necessary framework and guidance to ensure compliance with applicable laws and maximize the benefits of charitable giving.