Testamentary Charitable Remainder Unitrust: Have Your Cake and Eat it, Too!
Stephen: We were really having a tough time determining how to best split our estate until we received a mailing from the gift planning office of our favorite charity. The mailer talked about testamentary charitable remainder unitrusts. The brochure really sparked our interest.
The testamentary charitable remainder unitrust was a new concept to Karen and Stephen.
Karen: I didn't realize there was a way we could stretch our assets to leave an inheritance to our kids and make a substantial gift to charity.
Stephen and Karen established a testamentary charitable unitrust as part of their estate plan. Their plan will transfer their retirement accounts to fund a unitrust after their lifetimes. This trust will provide a steady stream of payments to their son and daughter for a term of 20 years. At the end of 20 years, the trust balance will be transferred to Stephen and Karen's favorite charity.
Stephen: We are thrilled that we are able to use our retirement accounts during our lives, and that later, when we no longer need them, we can use these savings to provide our children with payments for a long time and then support our favorite charities.
Is a testamentary charitable remainder unitrust right for you?
Retirement accounts such as an IRA or 401(k) make great gifts to fund a testamentary charitable remainder unitrust. The trust will provide income to family while also benefiting charity. If you would like more information about this gift option, please contact us. We would be happy to assist you.
*Please note: The names and image above are representative of typical donors, not actual donors. Since your benefits may be different, you may want to click here to personalize an example of your benefits.
