Give it Twice Trust

While visiting the Wills Planner on the planned giving section of our website, June, a surviving spouse, came across the idea of a Give it Twice Trust. She contacted us for more information and discovered that she could first give income to children through a trust and then transfer the trust balance to the community foundation in the future. The money the community foundation receives will then be used to establish a charitable fund in June's name that would allow her to give to her favorite causes and charities forever.

June: Fred and I talked about this before he passed away. We both agreed that we wanted to treat each of our four children equally and also support our favorite causes.

When June talked with her financial advisor, she found out that with her estate of $800,000 she would have the ability to do something significant for both her family and favorite charity. June was concerned because while her three older children are financially responsible, her youngest, Jim, "spends money like water." June was afraid that if Jim were to receive cash in a lump sum he would spend it right away.

The gift planner explained that the "Give It Twice" plan could be very helpful. June could transfer $400,000 from her IRA at death to the trust. Her children would each receive one-fourth of the income from the trust over 20 years. That would give Jim a chance to learn to save and invest. After that time, the trust balance would be used to establish her charitable fund at Akron Community Foundation. In addition, by using her IRA, June could save on income tax because the special trust is tax-exempt.

June: I established a Give it Twice Trust and was thrilled with the plan. The prospect of helping my four children and my favorite charity made me happy, and I knew it was the right thing to do.

Is this gift option right for you? Call your advisor or contact us.

*Please note: The name and image above is representative of a typical fundholder and may or may not be an actual donor to our organization. Since your benefits may be different, you may want to click here to view an example of your benefits.