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Transfers to trusts that have both skip and non-skip persons as beneficiaries do not pay the GST tax upon the funding of the trust. Instead, a GST tax is paid by the trustee when distributions are made to beneficiaries who are skip persons. However, because of the IRC exclusion provisions, distributions made from a HEET directly to providers of education and health care on behalf of a skip person are not subject to GST tax.

A taxable termination occurs when a trust loses its last non-skip person and, therefore, only skip persons remain as beneficiaries. Since a HEET will always have a non-skip person beneficiary – the charity – a taxable termination will never occur, nor the GST tax consequent to it. But, the charity’s interest must be significant. Otherwise it will be ignored as being used “primarily to postpone or avoid” the GST tax. IRC Section 2652(c)(2).

Proper Structure:

To obtain the benefits of a HEET, careful drafting is required. First, the HEET should be established in a jurisdiction that allows for perpetual trusts. Second, to avoid GST taxes, the trustee must administer the HEET so that the distributions to the non-charitable beneficiaries constitute “qualified transfers” within the meaning of the IRC exclusion provisions (see below). Third, to maximize creditor protection, distributions to the non-charitable beneficiaries should be entirely discretionary, and an independent trustee or co-trustee should be named (see below). Fourth, to be assured that the HEET never loses its last non-skip person (thereby creating a taxable termination for GST tax purposes), the charitable beneficiary’s interest must be significant. Finally, if the charity’s interest is treated as a separate share, the HEET could be separated into two trusts – one exclusively for the charity and the other exclusively for the non-charitable beneficiaries – for GST tax purposes. IRC Section 2654(b).The effect of this division would be an eventual taxable termination with respect to most of the assets of the HEET. Perhaps the best way to assure that the charity’s interest is both significant and not separate, is to give the trustee the discretion to make payments of income and principal to the charity, but with a definite “floor.” Such uncertainty as to what the charity will receive should avoid the application of the separate share rule, while the floor assures the charity’s interest is significant.

Significant Interest:

How significant must the charitable interest be for the IRS to respect the charity as a bona fide perpetual “non-skip person” beneficiary? The more meaningful the charity’s interest, the greater the likelihood the IRS will respect it. But, the larger the payout to charity, the less property is available for the non-charitable beneficiaries. Unfortunately, there is little guidance in this area. Some practitioners believe a 10% unitrust amount must be paid annually to the charity. Others believe that a 4% – 6% annual unitrust amount is significant and cannot be ignored as de minimis. Still others believe that 10% – 50% of the HEET’s income should be paid to the charity annually, plus a percentage of trust principal. Perhaps guidance can be found under several Internal Revenue Code sections where a 5% or greater economic interest is deemed to be significant: IRC Section 4942 (minimum distribution amount for private foundations); IRC Section 664 (minimum distribution amount for charitable remainder trusts); IRC Section 2041(b)(2) (lapse of power of appointment); and IRC Section 147 (private activity bonds). Until the IRS provides guidance on this issue, uncertainty will remain.
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