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Charitable Remainder Trust (CRT): CRT's are irrevocable trusts that provide for and maintain two sets (income and remainder) of beneficiaries. Income beneficiaries receive a set percentage of income from the CRT for their lifetime. Remainder beneficiaries are the charities named to receive the balance of funds in the CRT upon the income beneficiaries death.
Charitable Lead Trust (CLT): CLT's are irrevocable trusts that provide for and maintain two sets (income and remainder) of beneficiaries. The charity is the income beneficiary for a predetermined number of years. During the term, the charity receives a set percentage of income from the CLT. Upon expiration of the term, the remainder beneficiary receives the balance of funds in the CLT.
Private Foundation: Private foundations are legal entities set up by an individual, a family or a group of individuals, for a purpose such as philanthropy. They are created as nonprofit organizations whose funds and programs are managed by its own trustees or directors. The entity typically does not solicit funds from the public. A private foundation must give away at least 5% the sum of its assets and income each year. However, if the foundation earns more than 5% on its investments, then the foundation's assets can grow over time.
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