Designating a nonprofit organization or charity as a beneficiary of your estate is admirable. However, although their tax-exempt status makes IRAs ideal for charitable gifting, some complexities may arise during estate administration.

If naming other IRA beneficiaries (in addition to a charity), properly divide accounts for each intended heir to avoid potential traps. To maximize the amount gifted to your charity and other IRA beneficiaries, click here to learn how to avoid charitable IRA beneficiary mistakes.

Have more questions about your qualified retirement accounts or strategies for financial gifting? We are here to help! Give us a call at 517-435-4040 to schedule a time to discuss this further.

Plus, if you’re interested in charitable gifting that can fulfill Required Minimum Distribution (RMD) requirements, gift to your charity, and create lifetime income for you, we’d be happy to discuss the new options that are available under the Secure Act 2.0 that helps to create this “triple win.”