Charitable Remainder Trust. (i) For transfers made on or after May 19, 1997, a transfer to a pooled income fund de- scribed in section 642(c)(5); a transfer to a charitable remainder annuity trust described in section 664(d)(1); a transfer to a charitable remainder unitrust described in section 664(d)(2) if under the terms of the governing in- strument the unitrust amount can be computed only under section 664(d)(2)(A); and a transfer to a chari- table remainder unitrust if under the terms of the governing instrument the unitrust amount can be computed under section 664(d)(2) and (3) and ei- ther there are only two consecutive noncharitable beneficial interests and the transferor holds the second of the two interests, or the only permissible recipients of the unitrust amount are the transferor, the transferor’s U.S. citizen spouse, or both the transferor and the transferor’s U.S. citizen spouse.
Charitable Remainder Trust. The Benefits to You • Tax Advantages – A charitable tax receipt is issued upon transferring assets to a trust that names Ovarian Cancer Canada as the capital beneficiary. The five-year carry-forward provision allows effective tax planning while you are alive rather than t the one-year carry back upon death. The government has allowed a beneficial tax treatment of capital gains on these gifts. • Income – Your trust can provide you with a lifetime income. • Worry Free Management – Your trust can be managed professionally, freeing you from daily investment decision or market concerns. • Eliminates Probate and Estate Fees – Your gift is not subject to probate fees and other estate costs. • Avoids Will Challenges –- Trust assets are not considered part of your estate. • Protects Privacy –- By transferring assets to a trust, your decision is private. • Control –- The trust retains your assets until death, at which point Ovarian Cancer Canada will receive the “remainder” of the property in the trust. • Recognition – Your gift can be honoured during your lifetime. How does it work? You receive a charitable tax receipt for the fair market value of the remainder interest, which is calculated by a Canada Revenue Agency formula that takes into account your life expectancy and the present value of the property being transferred into the trust. Valuations are required to determine a value of the remainder interest.
Charitable Remainder Trust. The Representatives and the Company hereby waive any and all rights under the Stockholders’ Agreement with respect to restrictions on the transfer of Shares or the Old ROFR and consent to the transfer, at the option of Xxxxxx, of Xxxxxx Shares with a market value not to exceed $5,000,000 to a charitable remainder trust (the “Charitable Trust”) which shall be substantially similar to the trusts established by Xxxxxx and Xxxxx in 1994, provided that the trustees of Charitable Trust shall be prohibited from distributing any of the Xxxxxx Shares held in the Charitable Trust to any beneficiaries of the Charitable Trust and from selling any of the Xxxxxx Shares held in the Charitable Trust prior to the earlier to occur of (i) December 31, 2007, or (ii) 60 days after the date on which the Representatives and the beneficiaries of the Estate, collectively, own less than 500,000 Shares.
