Family Office Definition: Charitable Giving With a Retirement Account
Charitable Giving With a Retirement Account definition: Charitable giving with a retirement account is accomplished by naming the charity as the beneficiary. The full amount is transferred to the charity without taxes. The donor receives a charitable deduction on estate taxes for the size of the donated retirement account. The charity also does not pay income taxes on distributions from inherited IRAs (while a family heir would be responsible for income taxes on distributions). Spousal consent may be required in writing for the beneficiary designation to be valid.
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