Give It Twice Trust - Help Family and Charity
Are you looking for a way to provide income to your children and make a gift to Oakland Symphony. The "Give It Twice" trust is a popular option that allows you to transfer your IRA or other asset at death to fund a 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 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, your children or to other loved ones for a specified period of time
- Create an estate tax deduction and savings from the charitable gift
- Support the important work of Oakland Symphony
How a Give It Twice trust works
- Working with your attorney, you set up 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 your 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 you choose 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 Oakland Symphony.
If you have questions about a Give It Twice trust, please contact us.
Provide Tax Savings. The Give It Twice trust produces income and estate tax savings.
Promote Fairness. The Give It Twice trust establishes a mechanism that will help you treat each of your children equally. This can help promote peace in your family.
Help Your Children. The Give It Twice trust lets you give your children or loved ones income over time rather than in one 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.
Give to Loved Ones and charity. The Give it Twice trust lets you take care of your family and support the causes you care about. Because the funds in the trust are invested, it keeps your money working and builds wealth over time, after you are gone.