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Charitable Giving

Monday, August 22, 2016

Charitable Giving with Retirement Assets


Frequently clients are interested in making a gift to one or more charities they supported during their lifetime, such as their college, church or synagogue, or a charitable organization where they volunteered their time.  Properly funding the gift is an important parts of a well-developed estate plan.

For clients with retirement benefits, charitable planning also involves discussions about the income tax benefits to using retirement benefits to fund the charitable gift(s).  Using qualified retirement plans and/or individual retirement accounts (IRAs) to fund charitable gifts provide income tax benefits to the donor, while maximizing the other assets available for non-charitable beneficiaries.

If a donor leaves a retirement account to a non-charitable beneficiary, the beneficiary will be responsible for federal income taxes on the distribution (up to the maximum income tax rate).
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