An IRS Assist on CRATsAn IRS Assist on CRATs
The Internal Revenue Service's specimens for safe-harbor charitable remainder annuity trusts for inter vivos and testamentary trusts update, improve and greatly expand on those previously issued by the IRS. You'll find copious annotations on the underlying law and numerous alternative safe-harbor provisions. The IRS will recognize a CRAT as qualified if it is substantially similar to a specimen trust.
Conrad Teitell, principal, Cummings & Lockwood, Stamford, Conn.
The Internal Revenue Service's specimens for safe-harbor charitable remainder annuity trusts for inter vivos and testamentary trusts update, improve and greatly expand on those previously issued by the IRS. You'll find copious annotations on the underlying law and numerous alternative safe-harbor provisions. The IRS will recognize a CRAT as qualified if it is “substantially similar” to a specimen trust.
But don't just look at the specimens; also be careful to examine the footnotes (the annotations and alternative provisions) — they provide invaluable assistance in customizing a CRAT. Someone once said that a footnote is equivalent to going downstairs on one's wedding night to ...
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