"Give It Twice" Trust
You may be looking for a way to provide your children with income while give through Catholic Community Foundation of Minnesota (CCF). 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 unitrust for a term of years. We call this kind of unitrust 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 charity.
Benefits of a "Give It Twice" Trust
- Use the full value of your unused retirement account to provide income to your surviving spouse and children or other loved ones for a specified period of time.
- Create an estate tax deduction and savings from the charitable gift.
- Support your designated charities through Catholic Community Foundation of Minnesota.
How a "Give It Twice" Trust Works
- We can help you and your attorney with the process of creating a charitable remainder unitrust.
- You complete an IRA or other retirement account beneficiary designation form, naming the charitable trust as the beneficiary, and return the form to the account custodian.
- When you pass away, the custodian will transfer your retirement account to the charitable trust.
- The trust will pay income to your spouse, children or other individual beneficiaries for their life and/or term of years.
- At the conclusion of the payments, the balance of the trust will be transferred to CCF to benefit your charitable causes.
If you have any questions about a "Give It Twice" trust, please contact us. We would be happy to assist you and answer any questions you might have.