Charitable remainder trusts may be established during a donor's lifetime or at death. The donor usually names a bank or trust company to serve as trustee of the trust.
There are two types of charitable remainder trusts:
- Annuity Trust - the donor receives a fixed income and he/she cannot make additional contributions to the trust.
- Unitrust - this type is flexible in that the donor can make additional contributions to the trust and the payments to the donor can vary.