A living trust is just what its name implies—a trust you establish while you're living. Living trusts can be "revocable" or "irrevocable," and there are unique characteristics to each. Although it's not normally intended to completely replace a will, a revocable living trust can be an effective way to maintain control of property during your lifetime—and a private way to dispose of it after your death. The Irrevocable Charitable Trust SOURCE: University of Georgia in an article written by Mary L. McCormack
Revocable Living Trusts
The benefits of establishing a revocable living trust—one that allows you to change the terms at any time—are many. Here are some of the most important advantages.
If you are interested in making a major charitable gift but feel you can't give up the income from your assets, consider an irrevocable charitable remainder trust. Eventually [the charity] will receive what's left of the trust after your lifetime (and that of another beneficiary, if you wish), but in the meantime you'll benefit in these ways.
See how a charitable remainder annuity trust can benefit you. See how a charitable remainder unitrust can benefit you.
The Irrevocable Charitable Trust
SOURCE: University of Georgia in an article written by Mary L. McCormack