The donated assets (typically cash, securities, and/or real property) are irrevocably transferred to a Trustee.
There are two variations:
- A charitable remainder annuity trust—pays income as a fixed dollar amount that remains constant for the term of the trust.
- A charitable remainder unitrust—pays income that varies from year to year.
At the termination of the trust, the remaining assets pass to the Library for its general purposes or for the use you specify.
A charitable deduction for a portion of your contribution is available on your income tax return in the year you make the gift.