“Give it Twice” to support charity

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give it twice for charity

Are you looking for a way to help secure your family's future while making a gift to charity? It's possible to achieve these goals and enjoy valuable income and estate tax savings with a “give it twice” trust.  A “give it twice” trust allows you to transfer your IRA at death to a term of years unitrust. The unitrust will pay income to your family for up to 20 years before the balance is distributed to a charitable cause you care about. 

Here is how it works:

Step 1:  Work with your attorney/financial planner to create a charitable remainder unitrust.  This is where the South Dakota Community Foundation would be included if you intend to support a nonprofit through an endowment fund.

Step 2:  Work with your IRA administrator to complete a beneficiary designation form, naming the charitable trust as the beneficiary. 

Step 3:  Your assets will be transferred to the trust after you pass away

Step 4:   The trust will pay income annually to your spouse, children, or other individual beneficiaries for the term of years  specified.

Step 5:  At the conclusion of the payment schedule, your funds will go to support the designated charity.

Benefits to you:

  • You realizes the full value of your unused retirement account to provide income to your surviving spouse, children or other loved ones for a specified period of time 
  • Create an estate tax deduction and saving on income taxes.
  • Treat your children equally, and give your children a chance to learn how to manage finances
  • Provide direct support to your family while also supporting a cause you care about.  Support the charity directly, or partner with the South Dakota Community Foundation to support a charitable purpose forever through a designated endowment fund. 

Our professional staff is ready to help you meet your charitable goals.  Please contact us with any questions.