These “Foundation Trusts” are not trusts in any legal sense of the word, but rather are used as titles to identify the five major segments of The Admiral James J. Carey Foundation. As such, they are simply to define separate groups of funds that make up the corpus whole of the foundation, as such are “trusts” in the sense that the foundation is entrusted with the responsibility and accountability to manage them as outlined in the donor intent that Admiral Carey has furnished to all entities related to his personal Revocable Trust, this Foundation, and all of his mandates as to the use of his assets and his estate to fulfill the stated purposes of his Revocable Trust, care for his family within the limits and parameters defined, and the ultimate funding of this foundation with portions of his estate over time until the entire estate has been donated to this foundation. There are further details as to his donor intent and these trusts contained in the “Q&A Section” of this website.
There are five trusts that make up the whole of The Admiral James J. Carey Foundation: The Admiral James J. Carey Trust [70%], The Arlene Patricia Carey Trust [5%], The Lynn Margaret Carey Trust [5%], The Sarah Ann Carey Trust [5%], and The Admiral Carey Discretionary Trust [15%]. The first four of these trusts, named for the Admiral and his wife and daughters, are meant to endow organizations and programs as specified by the person for whom the trust is named during their lifetime, and are NOT to be changed or adjusted after their deaths except in accordance with the specific endowment agreements signed by both parties when the endowment is awarded. The 5th trust, The Admiral Carey Discretionary Trust, is meant to provide a discretionary source of funds for use by the foundation Board of Directors to fund any organizations or programs that meet the guidelines and parameters of Admiral Carey’s various donor intent statements and documents. Further details on each trust may be obtained by clicking on the specific links indicated below: