While visiting the Online Will Planner on their favorite ministry's website, June, a surviving spouse, came across the idea of a Give It Twice Trust. She contacted the ministry for more information and their gift planner explained the concept as a way to first give income to children through a trust and then transfer the trust balance to the ministry in the future.
June: Fred and I talked about this before he passed away. We both agreed we wanted to treat each of our four children equally and also provide a benefit to God's work.
The gift planner told June that, with her estate of $800,000 she would have the ability to do something significant for both her family and for the work of the Lord. June was concerned because while her three older children are financially responsible, her youngest, Jim, "spends money like water." June was afraid that if Jim were to receive cash in a lump sum he would spend it right away.
The gift planner explained that the "Give It Twice" plan could be very helpful. June could transfer $400,000 from her IRA at death to the trust. Her children would each receive one-fourth of the trust payments for 20 years. That would give Jim a chance to learn to save and invest. After that time, the trust balance would benefit her ministry. In addition, by using her IRA, June could save on income tax because the special trust is tax-exempt.
June: I established a Give It Twice Trust and was thrilled with the plan. The prospect of helping my four children and missions work made me happy, and I knew it was the right thing to do.
Please note: The story, names and image above represent an example of the benefits of this type of estate-planning tool. They do not represent actual donors to GFA.
Gospel for Asia's charitable unitrusts are administered by WaterStone and can be funded with cash, securities or real estate with a minimum value of $100,000. Income payments from a charitable unitrust may be received quarterly or annually.