Vancouver residents Richard and Sylvia Hovey moved to Arizona after 41 years, leaving behind a few things. They said good-bye to friends, favorite restaurants, nearby mountains and the ocean. They also left behind several rental properties. 
They questioned what to do with these properties since they no longer wanted the job of maintaining or renting them; however, they enjoyed the income from the rentals. They also knew by selling they would incur some significant taxes.

They read in Clark College Foundation’s newsletter about another couple in a similar situation and their solution was deeding the properties into a charitable remainder trust (CRT). The properties were sold within the CRT and an annual income from the trust became greater than the rents for their lifetimes. It also saved them on capital gains and released them from the burden of managing rental properties.