Give It Twice Trust - Help Family and Charity
You may be looking for a way to provide your children with income while making a gift to Millersville University Foundation. 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. 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 to provide income to children or other loved ones for a specified period of time
- Create an estate tax deduction and savings from the charitable gift
- Support the important charitable work of Millersville University Foundation
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, term of years or life plus term of years.
- At the conclusion of the payments, the balance of the trust will be transferred to Millersville University Foundation.
Contact us
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.
get help with your gift plans
If you are interested in learning about ways you can support our organization or how to maximize the impact of your giving, we have a number of resources to assist you.
more
tell us about your gift
If you have included or are considering including a gift to Millersville University Foundation as part of your estate plan or in the form of another gift, please let us know.
more