It has been suggested that I should establish a "Charitable Remainder Trust" for the benefit of my favorite charities. Can you help me understand this process?

A Charitable Remainder Trust is an irrevocable trust which you create as trust maker. You donate property to the trust and become an income beneficiary for life. Your spouse, children, and/or grandchildren can also be concurrent or subsequent additional income beneficiaries of the trust. Upon your death or the deaths of the remaining named income beneficiaries, all remaining assets are distributed to the charity or charities that you named in the trust document and the trust terminates. A husband and wife often establish a Charitable Remainder Trust together. A Charitable Remainder Trust can be particularly useful if you: Have an asset that has increased substantially in value over the years which would generate a significant capital gain tax if sold. Have a need to generate spendable income from an asset that has increased in value but is not currently providing a meaningful regular income. Could use a significant current income tax deduction. Want to maximize estate tax savings. Have a special charity or charities which could benefit from your generosity.