The trust will provide life income to your heir, with an eventual gift to the University. No immediate income tax will be due because the charitable trust is tax-exempt. The heir will pay income tax as he or she receives the life income. And your estate will get an estate tax charitable deduction for the value of the University's right to eventually receive the trust assets. He holds an LLB from Columbia University Law School and an LLM from New York University Law School.
All examples are for general educational and illustrative purposes only.