In turn for the irrevocable transfer of cash or property to a trustee such as a Foundation or Charity, you receive a certain percentage or amount of the annual income from the property to you and/or another named beneficiary for life or for a specified term of years. The remainder interest in the property would then pass to the Foundation, for their benefit. You would be entitled to a federal income tax deduction for the value of that charitable remainder interest, which is based on the number and ages of life income beneficiaries and the percentage of payout you and the trustee agree upon.
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