Charitable Lead Trust
A charitable trust in which the income from the trust is used for a charitable purpose, and the body of the trust property will later revert back to the original donor (or another person specified - typically their children or grandchildren).
Compare to Charitable Remainder Trust.
Definition from Nolo’s Plain-English Law Dictionary
A kind of charitable trust. The person (grantor) who sets up the trust transfers assets to it, and income from the trust property then goes to the charity for a set period of time. Then the trust property goes back to the person who set up the trust (or another beneficiary that person named, usually the grantor's children or grandchildren). Typically, the charity serves as trustee of the charitable trust. Compare: charitable remainder trust
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:12 pm