IRS Publishes Sample Charitable Lead Annuity Trust Forms, Rev. Procs. 2007-45; 2007-29 IRB 1 and 2007-46; 2007-29 IRB 1 (June 22, 2007), www.irs.gov
After a long wait, the IRS has released sample forms for charitable lead trusts providing guidance and safe harbor provisions for planners. Rev. Proc 2007-45 provides sample declarations of trust for grantor and non-grantor inter vivos term of years charitable lead annuity trusts. The sample forms include common variations such as an annuity for the life of an individual, retention of the right to change the charitable lead beneficiary, provision for the discretionary distribution of the annuity amount, and designation of an alternate charitable beneficiary. Rev. Proc 2007-46 offers a sample declaration of trust for a testamentary term of years charitable lead annuity trust including alternative provisions for an annuity term tied to the life of an individual, discretionary apportionment of the annuity amount, the annuity amount as a dollar amount, and designation of an alternate charitable beneficiary.