A Testamentary Charitable Remainder Unitrust, commonly known as a "Give it Twice" Trust, is an outstanding means of incorporating your loved ones and charitable organizations into your estate planning. These trusts offer numerous benefits, including the ability to allocate inheritance to heirs over an extended period, significantly reduce estate and income taxes, and leave a significant legacy to your preferred charity.

To illustrate, consider the following example of a "Give it Twice" Trust. Mrs. Flintstone had an estate that included an IRA and other assets valued at $350,000. Wilma wished to leave $250,000 from her IRA to her grandchildren, but not all at once, and gift $100,000 to her children. As a result, Wilma established a 20-year, 5 percent "Give it Twice" Trust for her grandchildren's benefit through her estate plan.

When Wilma passes, her estate will transfer $250,000 from her IRA to the trust, avoiding taxation on this portion of her IRA. Her grandchildren received trust income annually for 20 years, with an estimated total revenue of $303,717 over the trust term. Once all income payments to the grandchildren had been made, Wilma's preferred charity received an estimated $371,487.

By creating a "Give it Twice" Trust, Wilma was able to determine the amount, frequency, and duration of her grandchildren's inheritance, allowing her to preserve the principal value of her IRA investment and provide more significant payouts to her grandchildren while leaving a substantial remainder for charity.

We encourage you to schedule a one-on-one meeting with Cole Eason, our Vice President of Advancement, to learn more about the benefits of using a "Give it Twice" Trust to support your preferred charities at Truman Heartland. We are enthusiastic about the opportunity to help you achieve your legacy planning goals while making a meaningful impact in your community.