For those of you with substantial assets and income, a Charitable Trust may be terrific. My favorite plan is a Charitable Remainder Annuity or Unit Trust we attorneys refer to as a CRAT or a CRUT. For example, a Charitable Trust could be established to have the remainder of the trust be distributed to a charity or charities upon the death of both grantors, but during the lives of the grantors a stream of income can be retained to help with living expenses. To fill the hole left by leaving the remainder to charity, the grantors could purchase second to die term life insurance for the exact amount or more to go to the grantors’ children upon their deaths. Second to die term insurance is surprisingly inexpensive and can be paid for with the tax deduction from the charitable gift over a five-year period and after that from the retained income. This is a win-win-win for the grantors, the charities, and the children of the grantors. We can help you establish this with referrals to firms expert in drafting Charitable Trusts, Investing the ultimate proceeds, crafting the life insurance, and accountants, or we can work with any of those named professionals you have who are qualified to do their part in this type of estate plan.