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Charitable Planning for Tax-Favored Retirement Accumulations
Beginning of article
Distribution planning for funds held in qualified retirement plans, IRAs, and tax-sheltered 403(b) annuity contracts (collectively known as tax-favored retirement accumulations) is one of the most active areas for financial and estate planners. Most of this planning does not directly involve charitable giving, because it is directed principally toward income tax deferral and wealth preservation for the heirs of high-net-worth individuals. Many financial and estate planners are unaware of the pitfalls to avoid when a charity is the intended recipient of tax-favored retirement accumulations, resulting in unintended adverse income and estate tax consequences to the owner and heirs. …
