This is somewhat similar to a charitable remainder trust where an individual transfers property to a trust, whereby he/she will continue to enjoy the property for a specified period of time after which the property will be transferred to the Church. The decision is irrevocable and results in a donation receipt now for the present value of the property taking into account when the property will go to the Church.
In summary, the individual continues to use the property, but obtains an immediate income tax credit for the donation.
Capital gains must also be considered by the taxpayer on the transfer of the property to the trust.
This alternative is ordinarily attractive for older taxpayers and for an asset or assets of substantial value.