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

This legal template could be a document outlining the terms and conditions of a Charitable Remainder Unitrust (CRUT) specifically catering to the state of New York, operating under the jurisdiction of USA law. The template focuses on two specific variations of CRUT, namely Flip-CRUT and Flip-NIMCRUT, which involve both concurrent and consecutive interests.

The template provides details on the payment options available for the unitrust during its term. A unitrust refers to a trust structure where income generated from the trust assets is distributed to one or more beneficiaries, with a remainder interest designated for a charitable organization or cause upon the termination of the trust.

In the case of a Flip-CRUT, the template outlines the provisions for the transition of income payment methods from a fixed percentage of the net fair market value of the trust assets to a fixed percentage of the trust's initial net fair market value. This flip mechanism can occur under certain conditions specified within the template.

Similarly, the template also covers the provisions for a Flip-NIMCRUT, which stands for Net Income with Makeup Charitable Remainder Unitrust. This structure allows the trust to accumulate any income not distributed in a given year, and subsequently make additional distributions in future years to the beneficiaries. Again, the template establishes the conditions needed for the flip to occur.

Overall, this legal template would provide a comprehensive guide for creating a Charitable Remainder Unitrust in New York, covering the specific nuances of Flip-CRUT and Flip-NIMCRUT and outlining the various payment options available for the beneficiaries during the term of the trust.