Individual Retirement Accounts (IRAs) and other retirement plans often make great vehicles for implementing charitable intentions. If a qualified charity is named as the beneficiary, it can receive the full value of the IRA on the death of the owner, avoiding estate tax and income tax on the assets in the IRA.

Congress recently made permanent the IRA charitable rollover, which allows any individual who has reached age 70½ to donate up to $100,000 annually directly from his or her IRA to eligible charitable organizations, free of federal income tax.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.