This option incorporates some advantages of each of the first three options. You would enjoy increased income and a charitable deduction from income taxes, but this property would no longer be available to pass on to your heirs. You would also avoid all gift and estate taxes. Caltech has several different plans designed to meet different needs. Each provides an income for life and a charitable deduction from income taxes.
Some plans provide a fixed income.
Others provide an income that varies with the value of the trust assets. Use only a portion of your property to fund a life income gift for Caltech and keep a portion for yourself. When the property is sold, the charitable deduction produced by your gift will help to lessen the impact of capital gain taxes on the portion you have retained. With this method, you can receive income from Caltech on the gifted portion and cash proceeds from what you keep. This is an especially good strategy for dealing with your personal residence if you decide to downsize or move to a retirement community.