A pooled income trust allows people of more modest means to take advantage of charitable tax deductions, donate to a favorite charity and receive an income for life. If the perpetuation of charity is important to you, consider using a charitable trust when preparing your will. It lets you donate generously to charity, and it gives you and your heirs a big tax break. On the other hand, if you just want to leave property to family or friends and make a few minor charitable gifts, then a charitable trust is probably not worth the time and effort. In either case, don't just jump into this before consulting with financial and legal experts.
Charitable trusts are nonreversible and complex.
Once you create one and it becomes operational, you cannot change your mind and regain legal control of the trust property. Inc. All Rights Reserved.