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He's required to receive at least 5% of the trust's value as his annuity each year. http://en.wikipedia.org/wiki/Charitable_remainder_unitrust http://en.wikipe
by ryanwaggoner 17y ago
He's required to receive at least 5% of the trust's value as his annuity each year.
http://en.wikipedia.org/wiki/Charitable_remainder_unitrust http://en.wikipedia.org/wiki/Charitable_remainder_unitrust
- quickpost 17y agoAhhh, that makes a lot more sense. Thanks!
- ajju 17y agoDoes the benefactor have to pay tax on that 5%? If not, this is an amazing deal for the benefactor!
- sethg 17y agoIf I am reading the Wikipedia article correctly (and if the article itself is correct), the benefactor does pay tax on that 5%. However, if the OP had kept his startup in his own name, then at the time he sold it, he would have had to pay capital-gains tax on all of his profit, that year. (And then he would have been able to spend the remainder on whatever he wanted, that year.)