What are the differences between charitable trust vs. revocable living trust.

Get Legal Help Today

 Secured with SHA-256 Encryption

What are the differences between charitable trust vs. revocable living trust.

In revocable living trust beneficiary receives assets of trust upon death of trustor. How does beneficiary of charitable trust receive assets of trust ? Must death also be involved as in revocable living trust ?

Asked on August 4, 2010 under Estate Planning, Connecticut

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Is this a Charitable Remainder Trust?  Are you the beneficiary of the annuity paid to the donor (person that created the trust) such as a spouse or child?  Then generally what happens is that on the death of the donor you as the beneficiary will receive the income from the trust asset.  The asset will ultimately revert to the charity.  And you should be careful as the annuity can be seen as a gift subject to a tax and the filing of a gift tax return.  If this is not what is going on I would suggest that you take the Will and/r Trust documents to an attorney in your area to review.  It is difficult to give you guidance without reading the documents involved.  Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption