Give It Twice Trust - Help Family and JMU
You may be looking for a way to provide your children with income while making a gift to James Madison 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. 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 the JMU Foundation.
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 mission of James Madison University
- Create your legacy at Madison, help an area you are passionate about, and know you will make a difference for future generations
How a give it twice trust works
- You and your attorney create 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 retirement 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 the James Madison University Foundation.
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.
Provides Tax Savings. The "give it twice" trust produces income and estate tax savings.
Promotes Fairness. The "give it twice" trust establishes a mechanism that will help you treat each of your children equally. This can help promote peace in your family.
Teaches Your Children. Give children income rather than a lump sum. Studies of inherited wealth have concluded that many children spend lump sum inheritances, whereas they learn to be more responsible with inheritances paid out over time.