Charitable Remainder Unitrust (CRUT): NICRUT Unitrust Payment for a Term of Years (Texas)

This legal template refers to a Charitable Remainder Unitrust (CRUT) in the state of Texas under the laws of the United States. Specifically, it focuses on the unitrust payment for a predetermined term of years in a Non-Income Charitable Remainder Unitrust (NICRUT).

A CRUT is a type of charitable trust that allows the donor to transfer assets, typically appreciated securities or real estate, to a trust while retaining an income interest in the assets for a specified period or until their passing. The remaining assets in the trust are then directed to a charitable organization or foundation of the donor's choice.

This specific template delves into the creation and management of a NICRUT, which means that the trust distributes a fixed percentage of its net fair market value, determined annually, to the donor or other non-charitable beneficiaries for a set term of years. At the end of the term, the remaining assets are distributed to the designated charitable organization(s).

As this template is tailored to Texas law and governed by the laws of the United States, it includes provisions, guidelines, and legal requirements specific to the state's jurisdiction. This ensures the adherence to local regulations and best practices while creating and administering a Charitable Remainder Unitrust with unitrust payments for a predetermined term of years.