law and economics

Charitable Remainder Trust

A irrevocable charitable trust in which the income from said trust goes to the donor (or a specified beneficiary), and the body of the trust property will later go to a charity.  This is used for tax savings - the IRS will allow a deduction in the year the assets are put in the trust.

Compare to Charitable Lead Trust

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Charitable Organization

A nonprofit organization created and operated for purposes that benefit the public interest, such as educational, scientific, religious and artistic purposes. Charitable organizations that meet the requirements of Internal Revenue Code 501(c)(3) are exempt from federal income tax and are eligible to receive tax deductible charitable contributions.

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