Charitable Giving/CARES Act


VIDEO TRANSCRIPTION

It really is better to give than to receive. And even though “giving tuesday” has come and gone… the team at doane and doane wants to hang on to that spirit of generosity just a little longer… by talking about how to incorporate charitable giving into your estate plan. So here are 3 popular ways to feel good about doing good.

#1… If you are over 70 and 1/2, you can take up to 100,000 from your i-r-a and donate it to charity. This is what is called a qualified charitable distribution, and it counts toward any r-m-d you might have.

#2… The easiest and most direct way to give to a charity through your estate plan, is to leave funds to an organization in your will or revocable trust. You can identify the charity and even how you want the money used.

#3… Is the charitable remainder trust. This benefits both your charity of choice and a family member. Here’s how it works: you create a c-r-t and make *it the beneficiary of your i-r-a. Then, you choose a family member to receive annual payments from the c-r-t for a designated period of time.

Once that time is up, the remainder of the money goes to whatever charity you have chosen. There are tax implications to consider… so make sure you have a qualified estate planning attorney to guide you through the process. Call doane and doane today or visit doane and doane dot com