A Charitable Remainder Trust (CRT) is an irrevocable trust that actually provides for and maintains two sets of beneficiaries. Income beneficiaries are the first set. Income beneficiaries receive a set percentage of income for your lifetime from the trust. The second set of beneficiaries is the charity that you name. The charity receives the principal of the trust after the income beneficiaries pass away. The CRT allows taxpayers to reduce estate taxes, eliminate capital gains taxes, claim an income tax deduction, and benefit a charity instead of the IRS.