N.Y. Comp. Codes R. & Regs. Tit. 13 § 92.3 - Charitable remainder trusts

(a) Registration with notice of termination. Charitable remainder trusts as defined in section 90.3(b)(1) of this Title are required to register pursuant to EPTL section 8-1.4. Pursuant to EPTL section 8-1.4(f)(1), such registration shall contain a notice of the termination of the interest of any party in a trust that would cause all or part of the trust assets or income to be applied to charitable purposes. Charitable remainder trusts are not required to submit to the Attorney General a separate notice of termination.

(1) What registration with notice of termination documents to submit. To register, a charitable remainder trust shall submit all of the following registration with notice of termination documents to the Attorney General and mail a copy to each identified current charitable beneficiary:

(i) CHAR001-RT (registration statement for charitable remainder trusts with notice of termination of intervening trust interest) or a successor form issued by the Attorney General, which shall include:

(a) identifying information, including the identity of the terminating interest (and, if applicable, the date of death of the individual whose interest terminated) and the identity of each charitable beneficiary;

(b) contact information for each trustee and attorney for the trust; and

(c) a statement that the trust has complied with the requirement to mail a copy of the notice of termination to each identified current charitable beneficiary; and

(ii) a copy of the trust instrument and any amendments.

(2) What registration and notice of termination fees to submit. Charitable remainder trusts are not required to pay a registration or notice of termination fee pursuant to the EPTL. However, an EPTL filing fee is required when the trust submits a final report pursuant to subdivision (c) of this section.

(3) When to submit and mail registration with notice of termination. Charitable remainder trusts shall submit their registration with notice of termination to the Attorney General and mail a copy of such registration with notice of termination to each identified current charitable beneficiary within six months after the date when, pursuant to the terms of the applicable trust instrument, all or part of the trust assets or income is required to be applied to charitable purposes.

(4) Where to submit and mail registration with notice of termination. Charitable remainder trusts shall submit their registration with notice of termination to the New York City office of the Attorney General's Charities Bureau, the Albany office of the Attorney General's Charities Bureau or the applicable Attorney General's Regional Office, in accordance with instructions issued by the Attorney General, or such other place as the Attorney General may designate. Charitable remainder trusts shall also mail a copy of such registration with notice of termination to each identified current charitable beneficiary at the last known address of such beneficiary or such other address for such beneficiary as may be determined from a diligent search.

(b) Periodic reports. Charitable remainder trusts are not required to file periodic reports, but shall comply with any request made by the Attorney General for additional information or documentation pursuant to section 92.5 of this Part.

(c) Final reports. Charitable remainder trusts are required to file a final report with the Attorney General.

(1) What final report documents to submit. A judicial or informal final accounting containing sufficient information for the purposes of the Attorney General's review shall constitute a complete final report for a charitable remainder trust.

(2) What final report fees to submit. With the submission of a final report, charitable remainder trusts shall pay a filing fee based on the total value of all assets distributed or proposed to be distributed to charitable beneficiaries, including distributions resulting from specific and residuary gifts paid from principal or income, according to the following schedule:

(i) $25, if the total value of all such charitable assets is less than $50,000;

(ii) $50, if the total value of all such charitable assets is $50,000 or more but less than $250,000;

(iii) $100, if the total value of such charitable assets is $250,000 or more but less than $1 million;

(iv) $250, if the total value of such charitable assets is $1 million or more but less than $10 million;

(v) $750, if the total value of such charitable assets is $10 million or more but less than $50 million; or

(vi) $1,500, if the total value of such charitable assets is $50 million or more.

The EPTL filing fee is due at the time the final report is submitted to the Attorney General and is required for all charitable remainder trusts that are required to register with the Attorney General.

(3) Where to file final report. A charitable remainder trust shall submit its final report to the New York City office of the Attorney General's Charities Bureau, the Albany office of the Attorney General's Charities Bureau or the applicable Attorney General's Regional Office, in accordance with instructions issued by the Attorney General, or such other place as the Attorney General may designate.

Notes

N.Y. Comp. Codes R. & Regs. Tit. 13 § 92.3