charitable-remainder annuity trust

A charitable-remainder trust in which the beneficiaries receive for a specified period a fixed payment of 5% or more of the fair market value of the original principal, after which the remaining principal passes to charity. — Abbr. CRAT. — Also termed charitable-remainder-trust retirement fund. [Cases: Charities 6; Trusts 281. C.J.S. Charities § 4; Trover […]