Tuesday, May 7, 2024
Deferred Gifts

3.1.7 Basic Quiz -- CRAT Document Requirements
The required provisions in a charitable remainder annuity trust document are enumerated in the Internal Revenue Code under Sec. 664.
     True      False
In a charitable remainder annuity trust document, it is necessary to specify the term of the annuity be it for a life, lives, or a term of up to 20 years.
     True      False
The trust document must state that the remainder will pass to a qualified exempt charity.
     True      False
It is permissible to reserve the right to change the charitable remainderman in a CRAT document.
     True      False
The donor, in the trust document, can define the permissible trust investments.
     True      False
With an annuity trust, it is permissible to have a provision in the trust document that allows for additional contributions to the trust.
     True      False
The trust document need not state that there will be pro-rata payment in the first and the last year of the trust.
     True      False
The trust document must contain a provision for an independent special trustee.
     True      False
It is permissible to state in the trust document that the trust will terminate prior to the beneficiary's life or the selected term of years upon some stated contingency.
     True      False
The obligation to pay the annuity amount must terminate with the last payment before the beneficiary's death.
     True      False



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