a type of U.S. trust that pays income to one or more charities for the life of named individuals or for a term of years, and then distributes the principal either to the donor or to other individuals selected by the donor.
The conceptual opposite of a charitable remainder trust. During the term of the charitable lead trust (based on a specified number of years or the life of a named individual), an annuity or unitrust income interest is distributed each year to the designated charitable beneficiary (ies). Upon the expiration of the trust term, the trust assets are distributed to the trustor's or grantor's designated noncharitable beneficiary (ies) (generally children or grandchildren).
This is a trust that provides for payments to a tax exempt organization for a stipulated period free from federal gift and estate taxes. At the end of the trust term, trust assets are directed to a designated individual. Codicil: An amendment to a previously signed valid will, made through a separate instrument and with the same formalities as the will itself. Conservator: A person or organization appointed by a court to have custody and control of the property of a minor or incompetent person under supervision of the court. Corpus: The principal of a fund or trust. The Statute of Descent and Distribution: The distribution of property to heirs and next of kin, as directed by state law. This applies to the estate of a person who dies without a will or leaves a will that is invalid in whole or part.