In setting up a charitable trust, an estate planning attorney typically works with the financial advisor. The tax implications are complicated and subject to specific IRS rules. Depending on the type of charitable trust created, the trust may receive a reduction in income tax, gift tax, and estate taxes, or may be exempt from tax. Due to the potentially significant tax advantages that the charitable trust generally offers the donor, these trusts are irrevocable. As they cannot be terminated, they should be considered carefully. The trust acts as a separate entity, generally enduring beyond the lifetime of the donor. A consultation with a financial advisor can offer expertise in planning for loved ones, while considering the legacy of a charitable gift.