Charitable Lead Trust
Trust in which a charity receives income from a donated asset for a specified number of years that it is held in that trust. After the specified period concludes, the principal is transferred to the donor's beneficiaries. This vehicle is used to keep wealth in the family by significantly reducing the costs of transfer to beneficiaries. The charity has the use of the income earned by that money, but the charity does not have use of the principal. This distribution is a taxable gift.
Popular Insurance Terms
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Irrevocable trust into which the grantor places assets and receives in turn a fixed amount of income from a fixed annuity (amount of income stipulated at the time the trust is established) ...
Act by a company that authorizes an agent to act on its behalf. ...
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