Charitable Remainder Annuity Trust

A charitable remainder trust is an irrevocable split-interest trust in which a charity receives proceeds from the trust during its life—and other beneficiaries receive any remaining assets once the trust terminates. This provides assets to the nonprofit and still enables you to receive income throughout your life. Receiving this money can help you cover needed expenses. Or, if you don’t need those assets, you can give them to an organization that will put them to use. You can select one or more tax-qualified charities to receive the remainder interest. After you pass or the specified term ends, any remaining assets in the trust will automatically go to your designated charity.