Kent and Susan Warneke are deeply rooted in their community. Kent’s over three-decade role at the Norfolk Daily News made him a local household name, as did Susan’s long career as a teacher and church musician. Though their career paths have since changed a bit, their commitment to Norfolk is unwavering. The Warnekes knew they wanted their estate plans to continue to leave a mark on the place where they grew their family and their careers.
“Susan and I were looking for a way to have the most positive impact with our estate possible,” said Kent. “Many people may think that it’s a choice between giving to family or charitable organizations. We wanted to find a way to do both.”
With the help of a professional advisor, they did exactly that. The Warnekes opted to put 60% of their estate into a Charitable Remainder Trust upon their passing. The arrangement affords their two children—Sarah and Alex—the opportunity to receive income from the interest off the principal for 15 years, giving Kent and Susan the peace of mind that their family is taken care of.
After 15 years, the trust remainder will be split between numerous local and statewide charities, among them Norfolk Area Community Foundation Fund. This giving method has come to be known as a “Give it Twice Trust” for its ability to benefit both family and charity.
“This was an excellent vehicle to look after children and their families but also provide a gift to the organizations that we’ve been involved with and are important to us.”
Steps to establishing a “Give it Twice Trust”:
- Contact Nebraska Community Foundation and your professional advisor to begin the process of creating a Charitable Remainder Trust.
- Complete an IRA or other retirement account beneficiary designation form, naming the Charitable Remainder 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 Remainder 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 a charity like Nebraska Community Foundation or an affiliated fund.
For more information, contact Jim Gustafson, Director of Advancement and Gift Planning at 402.323.7341 or firstname.lastname@example.org.