Consider a Charitable Remainder Trust (CRT)

A CRT can save you taxes, provide you with income during your lifetime, provide assets to a charity or charities of your choice and, if desired, cost your heirs nothing. Example: You contribute assets, such as highly appreciated stock, to a trust. You receive a current tax deduction equal to the fair market value of the assets contributed, discounted for the delay until the charity is likely to receive them. The trust pays you its annual income (such as dividends). So, during your lifetime, you have lost only the ability to sell the assets and use the after-tax cash. If you wish to completely protect your heirs from loss, you can use a portion of the annual income to fund an insurance policy to provide your heirs with the same amount they would have received. If you would like to create a charitable remainder trust, contact your financial advisor for a more detailed discussion of CRT's.