In 1999, Anne and Albert Moore established a Charitable Remainder Unitrust (CRUT) with their financial managers, naming Plymouth Harbor as one of the recipients of the remainder. Albert passed away in January 2015, and a little over a year later, in February 2016, Anne passed. In June, we received the unrestricted distribution from their CRUT in the amount of $29,000. Anne shared this information with us years before she passed away, so we were able to recognize the Moores in the MacNeil Society over the years and celebrate their estate gift while they were alive. We are very grateful for their forward thinking in establishing this gift.
A Charitable Remainder Unitrust is a gift vehicle that has several advantages to the donor:
1) Generates income to the donor for life;
2) Offers a tax deduction at the time the gift is made;
3) Rate of income is a fixed percent for life;
4) Donor may use cash or appreciated securities to fund;
5) Donor may name more than one charitable beneficiary. With a CRUT, the donor continues to receive a fixed percentage of income over their life, and whatever remains in the trust at the end of life is what is distributed to the charitable beneficiaries.