Charitable Lead Trust
Trust in which a charity receives income from a donated asset for a specified number of years that it is held in that trust. After the specified period concludes, the principal is transferred to the donor's beneficiaries. This vehicle is used to keep wealth in the family by significantly reducing the costs of transfer to beneficiaries. The charity has the use of the income earned by that money, but the charity does not have use of the principal. This distribution is a taxable gift.
Popular Insurance Terms
Person other than the annuitant as designated by the policyholder on whose life expectancy the annuity payment is also based. ...
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Latin phrase meaning "overpowering force"; an unavoidable accident or calamity; an accident for which no one is responsible; an act of god. ...
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