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.