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Commonly referred to as a “Give it Twice” Trust, a Testamentary Charitable Remainder Unitrust is an excellent way to include both family and charity in your legacy planning. These trusts can help you spread out an inheritance to your heirs over many years, reduce estate and income taxes, while leaving a significant legacy to your favorite charity. An Example of a Give it Twice Trust Helen’s estate includes an IRA and other property totaling $350,000. Helen would like to gift $100,000 to her children and leave $250,000 from her IRA to her grandkids, but not all at once. So, Helen created a 20-year, 5 percent Give it Twice Trust for her grandkids’ benefit through her estate plan.
NOTE: This educational illustration is based on a variety of income and tax assumptions. This is not professional tax or legal advice. Consult a tax advisor about your specific situation.
Instead of leaving a large inheritance all at once, with a Give it Twice Trust Helen can determine the amount her grandkids receive, the frequency and the duration. With proper management, Helen’s investment will preserve the principal value of her IRA and provide larger payouts for her grandchildren and a substantial remainder for charity.
Download our Legacy Society brochure and discuss this strategy with your professional advisor. You can also make an appointment to meet one-on-one with Phil Hanson to learn more about the benefits of using a Give it Twice Trust at Truman Heartland to support your favorite charities.
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