Originally Posted by Sheldon Brown

Rake:

The "rake" or "offset" of a fork is the distance between the wheel axle and the extension of the steering axis. This may be accomplished by bending the fork blades, or by attaching the fork ends to the front of the blades, or by tilting the blades where they attach to the crown.
Rake is one of the three factors that affect the trail of the bicycle, which has a considerable influence on the handling qualities.

Originally Posted by Sheldon Brown

Trail:

Trail is the distance from the center of the contact point of the front wheel with the riding surface to the intersection of the steering axis (head tube) with the surface. The trail is a function of the head angle, the fork rake, and the tire diameter. Trail has a major effect on the handling of a bicycle. More trail increases the bicycle's tendency to steer straight ahead. A bicycle with a largish trail dimension will be very stable, and easy to ride "no hands". A bicycle with a smaller trail dimension will be more manuverable and responsive.