Give It Twice Trust - Help Family and Charity
You may be looking for a way to provide your children with income while making a gift to Renown Health Foundation. 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 unitrust. We call this kind of unitrust 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
- 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
- Support the important charitable work of Renown Health Foundation
How a give it twice trust works
- You establish a charitable remainder unitrust
- You complete an IRA or other retirement account beneficiary designation form, naming the charitable 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 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 Renown Health Foundation
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.
Provides Tax Savings: The give it twice trust produces income and estate tax savings.
Teaches Your Children: Give children income rather than a lump sum. Studies of inherited wealth have concluded that many children spend lump sum inheritances, whereas they learn to be more responsible with inheritances paid out over time.