Tim and Margaret wanted to give their estate to family and support causes they care about. We have all heard the saying "You can't have your cake and eat it too." This phrase describes a situation where we want two good things at the same time when that isn't possible. Tim and Margaret felt this way when they were establishing their estate plan. They wanted to pass their estate to family, but they also had a place in their hearts for Oakland Symphony.
Tim: We were really having a tough time determining how to best split our estate. Then we learned about a testamentary charitable remainder trusts.
Margaret: I didn't realize that there was a way we could stretch our assets so that we could leave an inheritance to our kids and make a substantial gift to charity.
Tim and Margaret established a testamentary charitable trust as part of their estate plan. Their plan will transfer their retirement accounts to fund a trust when they pass away. This trust will provide a steady stream of payments to their son and daughter for a term of 20 years. At the end of 20 years, the trust balance will be transferred to Oakland Symphony.
Tim: I guess you can have your cake and eat it too!
Is a testamentary charitable remainder trust right for you?
Retirement accounts, such as an IRA or 401(k), make great gifts to fund a testamentary charitable remainder trust. The trust will provide income to family while also benefiting charity. If you have questions about this gift option, please contact us
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