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IRA Bequests To CharitiesIRA Bequests To Charities
If you are thinking about naming a trust with a charitable beneficiary as the recipient of some of your retirement assets, here is a word of advice: Don't! With the important exception of a charitable remainder trust (CRT), such a trust can pose problems for the mandatory payouts from the retirement account as well as challenges for claiming charitable income tax deductions for the charitable gifts
Christopher R. Hoyt, professor, University of Missouri-Kansas City School of Law, Kansas City, Mo
If you are thinking about naming a trust with a charitable beneficiary as the recipient of some of your retirement assets, here is a word of advice: Don't! With the important exception of a charitable remainder trust (CRT), such a trust can pose problems for the mandatory payouts from the retirement account as well as challenges for claiming charitable income tax deductions for the charitable gifts made by the trust. If a person would like to make a charitable bequest of some retirement assets, the best way to accomplish that is to name the charity as a beneficiary of the retirement account on the beneficiary designation form provided by the ...
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