A charitable trust is a trust created for charitable, religious, educational, or scientific purposes. Charitable trusts are irrevocable structures which means once the trust becomes operational, you can't change your mind and regain legal control of the trust property. The most common type of charitable trust is called a charitable remainder trust. Some benefits to setting up a charitable trust include tax advantages in income tax, estate tax, and capital gains tax. There are also ways to receive income from the trust. The two ways are : fixed annuity and percentage of trust assets. Fixed annuity means you can received a fixed dollar amount each year from the charitable trust. Percentage of Trust Assets means you can get annual payments as a percentage of the value of the current worth of the trust property. Fixed annuity provides a security net while a percentage of trust assets allows one to reap the benefits should any additional benefits be reaped.