In charitable trusts, you can give away the remainder and keep the income, or give away the income and keep the remainder. There are many varieties that can be individually tailored to suit you.
Charitable trusts have been the most dynamic and growing form of deferred gifts at the College over the past 15 years. Contributions you make into an individual trust can avoid capital gains tax, provide you with a substantial actuarially determined tax deduction, and provide a lifetime (or term of years) income stream for you and your loved ones. A stock gift to a charitable remainder trust, for example, can actually increase your spendable income in comparison to a sale and reinvestment of the stock.
You can also devise a plan to "reverse" the trust arrangement by giving the income stream to the College and having the principal asset(s) return to you or your family at a subsequent point in time. A contribution to such a charitable lead trust can provide substantial income and estate tax savings.