Testamentary Charitable Remainder Unitrust: Have Your Cake and Eat it Too

We have all heard the saying, "Have your cake and eat it too." It's something we say when we can have more than one good thing at the same time. Mary and David Smith felt this pride when they gave to the community foundation and created a stream of payments for their family.

While working on their estate plans, the Smiths were conflicted. They wanted to pass on their estate to their family, but they also had a place in their hearts for giving back.

Mary: We were having a tough time determining how to best split our estate when we heard about the testamentary charitable remainder unitrust. It was a new concept to us.

David: I didn't realize there was a way we could stretch our assets so that we could accomplish both of our goals. We called our financial advisor and were amazed at how we could customize this plan to help both our family and our favorite causes.

The Smiths will be using their estate assets, including their retirement accounts, to fund a unitrust that will begin after their lifetime. The trust will provide a steady stream of payments to their daughter and three grandchildren for a term of years and ultimately create a charitable fund in their name at Akron Community Foundation so they will be able to give to their favorite charities forever.

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.