Annuity trusts

Through an annuity trust, the trustee pays a certain sum annually to the beneficiaries for their respective lives or for a certain term of years. Upon the death of the last living individual beneficiary or upon the expiration of the term of years, the trustee transfers the remainder to or for the use of a qualified charity (if a charitable annuity trust). Beneficiaries receive at least 5% of the initial fair market value of the property transferred to the trust.

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