Page 32 - Newsletter_Spring_2022

Give It Twice Trust -

Help Family and Charity...

... An Interesting Planned Giving Concept.

By Jon A. McLaughlin ’73 – Fundraising Co-Chair
This information was condensed from Maine Community How a give it twice trust works
Foundation’s website section on Planned Giving. Please 1. We can help you and your attorney with the process of
do not hesitate to have your attorney, accountant, or estate creating a charitable remainder unitrust.
planner contact Ms. Richard at the address shown for more 2. You complete an IRA or other retirement account
information. Just make sure your advisor(s) let her know beneficiary designation form, naming the charitable trust
that you are interested in setting up a “Give It Twice Trust” as the beneficiary, and return the form to the account
that will ultimately benefit the Houlton High School Alumni custodian.
Association after taking care of you and your family’s needs. 3. When you pass away, the custodian will transfer your
retirement account to the charitable trust.
You may be looking for a way to provide your children 4. The trust will pay income to your spouse, children or
with income while making a gift to the Maine Community other individual beneficiaries for their life, term of years
Foundation (benefitting the Houlton High School Alumni or life plus term of years.
Association). The "give it twice" trust is a popular option 5. At the conclusion of the payments, the balance of the
that allows you to transfer your IRA or other asset at death trust will be transferred to the Maine Community
to fund a term of years charitable remainder unitrust. We Foundation(to be included in the Houlton High School
call this kind of unitrust a give it twice trust because you Alumni Association’s endowment fund with the Maine
can use the trust to pay income first to your family for a Community Foundation).
number of years and then distribute the balance of the
trust to charity. Contact us
If you have any questions about a give it twice trust, please
contact us. We would be happy to assist you and answer any
"Give It Twice Trust" questions you might have.

Jennifer Richard
Benefits of a give it twice trust Director, Gift Planning
• Use the full value of your unused retirement account 245 Main Street
to provide income to your surviving spouse and to Ellsworth, ME 04605
provide income to children or other loved ones for a Telephone: 207-761-2440
specified period of time
• Create an estate tax deduction and savings from the
charitable gift
• Add to or create a charitable fund at MaineCF to
support the organizations and causes that mean the
most to you

PAGE 32 www.houltonalumni.com