What Is a Charitable Lead Trust? Trusts can be used in estate planning to pass on a person’s assets smoothly and to the best financial effect. A charitable lead trust is a type of irrevocable trust designed to reduce a beneficiary’s potential transfer taxes upon inheritance. They can be funded with cash and/or other assets
What Is a Charitable Remainder Annuity Trust (CRAT)? A charitable remainder annuity trust (CRAT) is a type of gift transaction in which a donor (also known as a “grantor,” “trustor,” or “benefactor”) contributes assets to an irrevocable trust that then donates to one or more charities while also paying a fixed income to one or
What Is a Charitable Remainder Trust? A charitable remainder trust is a “split-interest” giving vehicle that enables people to pursue philanthropic goals while still generating income. Tax exempt and irrevocable, they are designed to reduce the taxable income of individuals. They are set up with a donation by the trustor (also known as “the grantor”
Charlie Munger (born 1924) is the Vice Chair and second-in-command to Warren Buffett, the celebrated investor who chairs Berkshire Hathaway, a $354.6-billion diversified conglomerate based in Omaha, Neb. As Buffett’s closest business partner and “right-hand man” for over four decades, Munger has been instrumental in the growth of Berkshire into a giant diversified holding company
What Is a Chart of Accounts (COA)? A chart of accounts (COA) is an index of all the financial accounts in the general ledger of a company. In short, it is an organizational tool that provides a digestible breakdown of all the financial transactions that a company conducted during a specific accounting period, broken down into subcategories. Key
What Is a Chartered Bank? A chartered bank is a financial institution (FI) whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, as well as to lend money out. Chartered bank specifics vary from country to country. However, in general, a chartered bank in operation has obtained a form of
What Is a Chartered Financial Consultant (ChFC)? A Chartered Financial Consultant is a professional designation representing the completion of a comprehensive course consisting of financial education, examinations, and practical experience. Chartered Financial Consultant designations are granted by the American College upon completion of seven required courses and two elective courses. Those who earn the designation are
What Is a Chartered Mutual Fund Counselor (CMFC)? Chartered Mutual Fund Counselor (CMFC) is a professional designation for mutual fund advisers. It was previously awarded by the College for Financial Planning, now part of Kaplan, to financial services professionals who completed a study program and passed an exam covering mutual fund topics. While it is
What is a Chartered Trust And Estate Planner Chartered Trust and Estate Planner is a professional accreditation offered by the Global Academy of Finance and Management (GAFM). BREAKING DOWN Chartered Trust And Estate Planner Chartered Trust and Estate Planner is an accreditation granted by the GAFM, formerly the American Academy of Financial Management. This credential
What Is the Chartered Wealth Manager (CWM)? Chartered wealth manager (CWM) is a professional designation issued by the GAFM Global Academy of Finance and Management, formerly the American Academy of Financial Management (AAFM). It is intended to certify the knowledge and skill of wealth management professionals. The prerequisites for the CWM program are three or
