At the death of a contributor, his or her income can continue to be paid to another beneficiary named by the contributor. The University of the South receives full use of that portion of the fund's assets at the death of the last beneficiary. As you may know, trusts can be created to accomplish a wide range of goals. Some people rely on them to reduce property management chores. Others use trusts to delay distribution of property for any number of reasons.
Trusts also allow a person to arrange for property to be put first to one use, then to another.
A charitable remainder trust offers a way to arrange a very meaningful gift to The University of the South while first providing income for yourself or others in your name. You transfer cash or other property to the trust, to be managed by you or another as trustee. You receive an income tax deduction in the year you create the trust. The trust document specifies when this is to occur, such as at the death of the last beneficiary or after a stated period of time. When the trust is dissolved, its assets become a gift to The University of the South.