Conceptual Level Analogies Test

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Conceptual Level Analogies Test

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CLAT

A neuropsychiatric test designed to gauge abstract verbal reasoning.
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A CLAT set up during the grantor's life can be established as either a grantor trust or a nongrantor trust.
Thus, if a practitioner drafts a CLAT with a skip person as a beneficiary, the practitioner should advise the client of the uncertainty regarding the allocation of GST tax exemption.
If instead of selling the appreciated assets the nongrantor CLAT transfers them in kind to the charity in satisfaction of the charity's right to the annual annuity payment, a similar tax result occurs.
The IRS has released sample forms for both inter vivos and testamentary CLATs.
The Wald CLAT is designed to "zero out" at the end of the 15th year, meaning payments to charity are calculated to consume all principal and interest by the end of the trust term.
Catherine could create a CLAT and fund it with $1 million.
CLAT #1 has a duration of 10 years and is to be funded with $250,000 of stock.
Zeroed-out CLAT: One planning technique useful for grantors with charitable-giving objectives is the "zeroed-out" CLAT.
A qualified nongrantor CLAT can also be used to avoid the individual contribution limits; both the income and the deduction are removed from the donor's income tax return and the trust's deductions are limited to income by Sec.
However, because corporate earnings are volatile, clients should consider using a charitable lead unitrust, or CLUT, which pays a fixed percentage of the annual fair market value of trust assets (as opposed to a charitable lead annuity trust, or CLAT, which pays a fixed amount of dollars).
We use a non-grantor CLUT because the GST exemption may be applied at the time of the transfer rather than at the termination of the term of years in a grantor retained annuity trust (GRAT), or a CLAT.