IRS Releases Sample Charitable Lead Unitrust Provisions

July 28, 2008

On Friday, July 25, 2008, the IRS released Revenue Procedures 2008-45 and 2008-46 providing sample forms, annotations, and alternate provisions for inter vivos and testamentary charitable lead unitrusts (CLUTs). These Revenue Procedures follow Revenue Procedures 2007-45 and 2007-46 released last year for charitable lead annuity trusts (see Internal Revenue Bulletin, No. 2008-30, July 28, 2008).

The suggested language is similar in many respects to that previously provided for charitable remainder trusts and charitable lead annuity trusts and to the form language used by many practitioners.

Sample forms are provided for both grantor and nongrantor inter vivos CLUTs and for a lead period measured by one or more lives as well as a term of years.

McGuireWoods' Fiduciary Advisory Services

Fiduciary Advisory Services, a service of McGuireWoods' Private Wealth Services Group, assists financial institutions in a wide array of areas in which questions or concerns may arise. This includes advising corporate trustees on how to avoid litigation before it arises and how to address litigation when it does arise.

McGuireWoods' Nonprofit and Charitable Advisory Services

McGuireWoods' Nonprofit and Charitable Advisory Services provides advice and guidance that enables charities and other nonprofits to operate successfully in the increasingly complicated, regulated, and competitive environment facing nonprofits today.

Subscribe
Back to top