STEP Society Of Trust And Estate Practitioners (TEP) Certification

What distinguishes a Charitable Remainder Annuity Trust (CRAT) from a Charitable Remainder Unitrust (CRUT)?

A CRAT pays a fixed percentage of trust assets annually, while a CRUT pays a fixed dollar amount A CRAT pays a fixed dollar amount annually, while a CRUT pays a fixed percentage of trust assets valued each year A CRAT benefits multiple charities, while a CRUT can benefit only one A CRAT is irrevocable, while a CRUT can be revoked by the grantor

Correct Answer:

A CRAT pays a fixed dollar amount annually, while a CRUT pays a fixed percentage of trust assets valued each year

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