Impact our future through gift planning
With gift planning, you can provide long-lasting support for our organization while enjoying financial benefits for yourself
Give It Twice Trust - Help Family and Charity
You may be looking for a way to provide your children with income while making a gift to Faith Baptist Bible College and Theological Seminary. 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 charity.
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 charitable work of Faith Baptist Bible College and Theological Seminary
How a give it twice trust works
- We can help you and 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, and return the form to the 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 Faith Baptist Bible College and Theological Seminary.
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.