The give it twice trust produces income and estate tax savings.
Testamentary Charitable Remainder Unitrust
You may be looking for a way to provide your children with income while making a gift to Kent State University. 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. This kind of trust is called 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 Kent State.
Why Establish a Testamentary Charitable Remainder Unitrust
- Keep control of your funds throughout your lifetime
- Provide for your heirs for a specified period of years
- Leave a lasting legacy to Kent State University or WKSU
- Potential for an estate tax deduction
- Allows you to provide income for your heirs for a longer period as opposed to an outright gift of your IRA
How to Establish a Testamentary Charitable Remainder Unitrust
- We will work with you and your attorney to create a charitable remainder unitrust.
- You name the charitable trust as the beneficiary of your IRA account.
- At the time of your passing, your retirement account is transferred to the charitable trust.
- The trust will the pay income to your designated heirs for the period specified in the trust agreement.
- At the conclusion of the specified period, the balance of the trust will be transferred to Kent State University or WKSU.
Please contact us with any questions about a Testamentary Charitable Remainder Unitrust.