Generally, the higher the payout rate, the lower the deduction. If you can't use the full deduction the first year, you can carry it forward for up to five years. The best assets are those that have greatly appreciated in value since you purchased them, specifically publicly traded securities, real estate and closely-held corporations. Cash can also be used. You can be your own trustee.
Some charities are also willing to be trustee.
Before naming a trustee, it's a good idea to interview several and consider their investment performance, services and experience with these trusts. Remember, you are depending on the trustee to manage your trust properly and to provide you with income. Your trustee must follow the instructions you put in your trust. You can retain the right to change the trustee if you become dissatisfied. Generally, once an irrevocable trust is signed, you cannot make any other changes.