Howard (age 67) and Mary (age 64) Peterson have been retired for a few years. They own property worth $750,000. They are tired of maintaining their...

Howard (age 67) and Mary (age 64) Peterson have been retired for a few years. They own property worth $750,000. They are tired of maintaining their property and are looking to sell. They decide to have a local college take over their property through a split-interest agreement. The college will manage the property and pay Howard and Mary $40,000 annually until their deaths. At that time, the property reverts to the college.

charitable lead trust

perpetual trust held by third party

charitable remainder trust

pooled (life) income fund