Testamentary Charitable Remainder Unitrust - Help Family and Charity
A Testamentary Charitable Remainder Unitrust is a popular option that allows you to transfer your IRA or other assets at death to fund a term of years charitable remainder unitrust. This trust can be used to pay income first to your family for a number of years and then distribute the balance of the trust to The Ohio University Foundation.
Benefits of a testamentary charitable remainder unitrust
- Use the full value of your unused retirement account to provide income to your surviving spouse and/or children or other loved ones for a specified period of time
- Create an estate tax deduction and savings from the charitable gift
- Support the mission of The Ohio University Foundation
How a testamentary charitable remainder unitrust works
- Create a testamentary charitable remainder unitrust.
- Complete an IRA or other retirement account beneficiary designation form, naming the charitable remainder unitrust 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 remainder unitrust.
- The charitable remainder unitrust 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 The Ohio University Foundation for your designated purpose.
If you have any questions about a testamentary charitable remainder unitrust, please contact us. We would be happy to assist you and answer any questions you might have.
Provides Tax Savings. A testamentary charitable remainder unitrust produces income and estate tax savings.
Promotes Fairness. A testamentary charitable remainder unitrust establishes a mechanism that will help you treat each of your children equally. This can help promote peace in your family.
Teaches Your Children. Give children income rather than a lump sum. Studies of inherited wealth have concluded that many children spend lump sum inheritances, whereas they learn to be more responsible with inheritances paid out over time.