Title to the property passes under the terms of the trust agreement. It does not pass through your will and may avoid the possible costs and delays of probate. Property passing to charity is free from the possible burden of estate taxes. The income from the trust during your lifetime will be paid to you, another person, or Philadelphia College of Bible, as you direct. These trusts are established as irrevocable trusts with the understanding that the principal assets can not be returned to you once established.
Income is provided based upon the value of the property given.
These trusts are usually established with appreciated assets, such as real estate or securities. The trust provides an income based on the trust's annual value. In creating a CRUT, capital gains tax can be avoided or postponed and an income tax deduction is available for a portion of the value of the property. There may also be estate tax benefits. This trust can be created to provide income to Philadelphia College of Bible for a period of time that you determine.