Give It Twice Trust (help family members as well as a ministry)
You may be seeking a way to provide your children with income while also contributing a gift through the Georgia Baptist Foundation to a ministry of your choice. The give it twice trust is a popular option that allows you to transfer your IRA or other assets (after passing) to fund a charitable remainder unitrust. We refer to this type of unitrust as a "give it twice trust" as it allows you to use the trust to pay income first to your family, and then to distribute the balance of the trust to a ministry of your choice.
Benefits of a Give it Twice Trust
- Use the full value of your unused retirement account to provide income to your surviving spouse as well as provide income to your children or other loved ones
- Create an estate tax deduction and savings from the charitable gift
- Support the continued Kingdom work of your church or various other ministries
How a Give it Twice Trust Works
- The Georgia Baptist Foundation can help you or 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, then return the form to the account custodian.
- Upon your passing, the account 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 completion of the payments, the Georgia Baptist Foundation will use the remaining balance to continue Kingdom work.
Contact us
Our goal is to offer you the best, God-honoring solution for your financial legacy. If you have any questions about this or any other giving solution, please feel free to contact us. It would be our privilege to assist you and answer any questions you may have.
