Charitable remainder trust

[Chuck Bigham]

Am possibly interested in a charitable remainder trust as an exit strategy on some appreciated and high basis buildings. Have some I bought in 2002, depreciated, one was a 1031. Thinking to do the trust as an exit strategy, feed the proceeds thru a trust, annuity or some type of funds I can control, donate the remainder 10% to charity. I want to run this for 8 years or so, not life time and use this as sort of insurance income if and when things get rough. I will use the income from the trust to replace my job income and use it to qualify me to buy more rentals. 

I will continue to run rentals, buy, and maybe after 8 years or so rotate another into the same setup, guaranteeing some stable income. Trying to work out a strategy to quit my day gig and last well until pension. Rental profits will more than cover my needs but this is an insurance idea in case the market turns south.

Any particular things to watch out for? I know the trust needs be formed before the property sold. I am told the basis depreciation recapture isn't a factor in this. 

Thoughts?

Thanks,

Cb