Day Pitney LLP is a full-service law firm with more than 300 attorneys in Boston, Connecticut, Florida, New Jersey, New York and Washington, DC. The firm offers clients strong corporate and litigation practices, with experience on behalf of large national and international corporations as well as emerging and middle-market companies. With one of the largest individual clients practices on the East Coast, the firm also has extensive experience assisting individuals and their families, fiduciaries and tax-exempt entities plan for the future.
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.
