charitable trust
A 'charitable trust' is a legal mechanism used to manage assets for charitable purposes, often enjoying tax benefits and legal advantages.
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Definition
C1Law
(technical)A legal arrangement where assets are managed by a trustee to benefit the public or specific charitable causes.
Example
- The foundation established a charitable trust to support education initiatives.
- Charitable trusts must comply with specific legal requirements to maintain their status.
C1Finance
(technical)A fiduciary relationship in which property or funds are held by a trustee for charitable purposes, often providing tax advantages.
Example
- Setting up a charitable trust can offer significant tax benefits for donors.
- The charitable trust was created to ensure long-term funding for the hospital.
Similar
Terms that have similar or relatively close meanings to "charitable trust":