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Charitable Distributions From IRAs

We have great news for charitably-minded people with large individual retirement accounts (IRAs).  Congress just passed a permanent provision that allows an IRA owner age 70 and older to exclude from gross income up to $100,000 per year for charitable distributions from an IRA.  This is big news because it avoids any cutbacks or limitations that would apply if the client first withdrew the money from the IRA and then made the contribution to charity.  This provision was first enacted in 2006 and has been extended each year.  This time Congress has made the provision permanent.  In order for you to do this for 2015, you must act by Thursday, December 31st.  Contact your IRA custodian now! 

John R. Hunter
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This communication contains generalizations and simplifications. Prior to implementing any estate plan, you should consult with competent tax and legal counsel to assess your specific circumstances and determine whether any particular technique discussed in this communication would be appropriate for you and could be implemented in a manner designed to achieve the desired favorable outcome. This communication including any attachments is not intended to be, and should not be construed as, U.S. federal tax advice for purposes of Circular 230 and may not be used for the purpose of avoiding penalties under the Internal Revenue Code. Additionally, this communication including any attachments is for education purposes and is not intended to be used for, and should not be used for, the purpose of promoting, marketing or recommending to another party any transaction or matter addressed herein.