Charitable Remainder Unitrust (CRUT): Flip-CRUT and Flip-NIMCRUT Unitrust Payment Options for Term of Concurrent and Consecutive Interests (FL) | Practical Law

Charitable Remainder Unitrust (CRUT): Flip-CRUT and Flip-NIMCRUT Unitrust Payment Options for Term of Concurrent and Consecutive Interests (FL) | Practical Law

A Standard Document creating a charitable remainder unitrust (CRUT) for a settlor residing in Florida with options for either a Flip-CRUT or Flip-NIMCRUT unitrust amount paid for a unitrust period based on concurrent and consecutive interests of two measuring lives. This CRUT is an irrevocable trust created for the initial benefit of two non-charitable beneficiaries, who receive the lesser of the trust's income or a fixed percentage of the value of the trust assets, as determined annually, until a triggering event stated in the trust agreement. On the occurrence of the triggering event, the unitrust payment flips to a fixed percent. The non-charitable beneficiaries receive the unitrust amount concurrently and then consecutively for the non-charitable beneficiaries' lives. At the end of the term, the remaining property is distributed to one or more charitable beneficiaries.

Charitable Remainder Unitrust (CRUT): Flip-CRUT and Flip-NIMCRUT Unitrust Payment Options for Term of Concurrent and Consecutive Interests (FL)

by Practical Law Trusts & Estates
MaintainedFlorida
A Standard Document creating a charitable remainder unitrust (CRUT) for a settlor residing in Florida with options for either a Flip-CRUT or Flip-NIMCRUT unitrust amount paid for a unitrust period based on concurrent and consecutive interests of two measuring lives. This CRUT is an irrevocable trust created for the initial benefit of two non-charitable beneficiaries, who receive the lesser of the trust's income or a fixed percentage of the value of the trust assets, as determined annually, until a triggering event stated in the trust agreement. On the occurrence of the triggering event, the unitrust payment flips to a fixed percent. The non-charitable beneficiaries receive the unitrust amount concurrently and then consecutively for the non-charitable beneficiaries' lives. At the end of the term, the remaining property is distributed to one or more charitable beneficiaries.