A CRUT is an irrevocable trust with the distinct feature of providing ongoing income for the grantor of the trust during his lifetime as well as providing significant tax benefits. Assets are transferred to the Platt Caddie Scholarship and managed by a trustee. The trustee can be the grantor of the trust or a corporate fiduciary such as Vanguard. The trustee distributes the income each year to the income beneficiary. After the death of the last income beneficiary the trust assets are distributed to the Platt Caddie Scholarship. Only when the CRUT is terminated will the funds become available for use by the Platt Caddie Scholarship.
"What I like is that I control exactly where I want the money to go. I am comfortable knowing that after I am gone the scholarship will continue as will my ongoing gift to the Platt Caddie Scholarship." These thoughts were expressed by a loyal contributor who has already established a CRUT with the Platt Caddie Scholarship named as beneficiary. The financial and estate planning flexibility available through the use of a trust has been extended in recent years because of the growing popularity of CRUTs.
Because of increasing educational costs and a greater number of caddie scholars benefiting from the Platt Caddie Scholarship, there are severe demands on our financial resources. Accordingly, we have to extend our horizon in looking for additional funds to support our mission. We hope you might consider this when formulating your estate plans and in so doing benefit the caddie-scholars of the Platt Caddie Scholarship. You might also consider a gift in your last Will and Testament.
If you have any questions or concerns, please contact Barb Scott or Mark Peterson in the Golf Office and they will make sure you are provided with more comprehensive information.