Income pay out is like an annuity income to the donor

It's a fully taxable income stream for the donor with no basis.  
Remainder value of the asset goes to the charity as a deferred gift.

Donor gets tax deduction benefit in the earlier years.

Often time a crt is coupled with an ILIT to take care of the heirs too.

Suitable for people who have charitable inclination and want to improve spendable cash flow during lifetime.