Charitable Remainder Unitrust (CRUT): NIMCRUT Unitrust Payment for Term of Consecutive Interests (Florida)

This legal template is a document that outlines the details and terms of a Charitable Remainder Unitrust (CRUT) set up in Florida, under the laws of the United States of America.

A Charitable Remainder Unitrust is a type of trust arrangement where a donor transfers assets to a trust for a specified term or the donor's lifetime. During this period, the trust is required to pay a fixed percentage (unitrust payment) of the trust's net fair market value to the income beneficiaries, who can be the donor or other designated individuals.

In this case, the specific type of CRUT described is a NIMCRUT (Net Income with Makeup Charitable Remainder Unitrust). A NIMCRUT allows for the trustee to pay out only the net income generated by the trust assets, subject to certain restrictions. If there is insufficient income in a given year, any shortfall can be made up in subsequent years when there is excess income.

This legal template provides a framework to establish a NIMCRUT Unitrust Payment for a continuous term of consecutive interests in the state of Florida. It will outline the details of the trust, including the donor's intent, the designated income beneficiaries, the unitrust payment percentage, the distribution of any makeup payments, and the charity that will receive the remaining assets upon the term's expiration or the passing of the last income beneficiary.

Overall, this legal template serves as a guide for setting up a charitable remainder unitrust in Florida, following the relevant laws and regulations of the United States, and allowing the donor to support a designated charitable cause while potentially receiving income during their lifetime or a specific term.