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April 22, 2014

IRA Planning and Charitable Gifts

Congress extended through the end of 2013 the popular "charitable IRA transfer."  This permits individuals who have reached age 70 1/2 to make income tax-free distributions up to $100,000 directly from an individual retirement plan to one or more charitable organizations.  Two additional twists were added:

  • Charitable IRA distributions which are completed by February 1, 2013 can be treated as if made in 2012.
  • A distribution from an IRA to the IRA owner in December 2012 can be treated as a qualified charitable distribution in 2012 if the amount is transferred in cash to charity before February 1, 2013.

Note:   Unlike the other provisions of ATRA 2012, the charitable IRA transfer is again set to expire at the end of 2013.

© 2014 Varnum LLP

About the Author

Pamela J. Tyler, Varnum Law Firm, Estate Administration Attorney
Partner

Pam’s estate planning practice, complemented by a strong tax background, focuses on business and family succession planning, asset protection, limited liability companies, charitable giving, prenuptial agreements, and retirement distribution planning, in addition to traditional trust and estate work.

616-336-6805

About the Author

Fredric A. Sytsma, Varnum Law Firm, Estate Administration Attorney
Partner

Fred is a member of the Estate Planning Practice Group. He has been assisting his clients with their estate planning needs since he first began his practice, and he has during that time handled a wide variety of estate settlements and estate settlement issues. His particular focus is on counseling clients on techniques to minimize estate and gift taxes, and drafting the documents to accomplish that objective. Fred is also a trusted personal...

616-336-6808

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