Help Family and Your Hometown
You may be looking for a way to provide your children with income while making a charitable gift. The “give it twice” trust is a popular option that allows you to transfer your IRA or other asset at death to fund a term of years charitable remainder trust. We call this kind of trust a give it twice trust because you can use the trust to pay income first to your family for a number of years and then distribute the balance of the trust to charity.
Benefits of a Give It Twice Trust
- Leave a lasting legacy with your gift
- Use the full value of your unused retirement account to provide income to your surviving spouse and to provide income to children or other loved ones for a specified period of time
- Create an estate tax deduction and savings from the charitable gift
How a Give It Twice Trust works
- We can help you and your attorney with the process of creating a charitable remainder trust.
- You complete an IRA or other retirement account beneficiary designation form, naming the charitable remainder trust as the beneficiary, and return the form to the account custodian.
- When you pass away, the custodian will transfer your retirement account to the charitable remainder trust.
- The trust will pay income to your spouse, children or other individual beneficiaries for their life, term of years or life plus term of years.
- At the conclusion of the payments, the balance of the trust will be transferred to The Community Foundation or an affiliated fund.
If you have any questions about a give it twice trust, please contact us. We would be happy to assist you and answer any questions you might have.