Through the use of a revocable living trust you can provide for eventual gifts of real estate, cash, or other property knowing that all or part of the assets may be returned upon request during your lifetime. Since assets may be returned if needed later, there are no immediate income tax advantages. However, you have arranged a charitable gift without risk to your financial future. 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.