We have a donor whose mother passed and left money in her CRT for us. However, the remainder from the CRT didn't come directly to us. The son converted the CRT into a new family trust with a new name (i.e., Smith Charitable Trust) for the purpose of making distributions to the intended beneficiaries (of which we are one). Recently, a gift agreement was signed with the son, agreeing to give us $X a year for several years from this new family trust. The gift agreement has been designated as a "Planned Gift Agreement," but I don't believe it's a planned gift because the disbursement has gone to an intermediary entity (the family trust) and didn't come directly from the CRT -- nor was the CRT previously recorded in or system.
In other words, there is no planned giving vehicle -- the money is just coming from the new trust. I discussed it with our Director of Planned Giving and he didn't even know about this agreement and upon reading the details, didn't see a PG vehicle being used to disburse the money to us either. My understanding is that for this to be a CRT planned gift, we would've had to record the CRT while the mother was alive. I believe this is just a standard pledge where the family trust is now the donor. But the agreement was already signed (as a "planned gift") before I even got to view it, so I'd like some opinions on this before I discuss it further internally. Thank you!
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Eric Valdescaro
Kennesaw State University
evaldesc@kennesaw.edu
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