Here’s a tax tip for you in Estate Planning. If you have an IRA and want to make a charitable gift, the IRA may be the best way to make that gift. Why is that? Well, it’s about saving taxes.
You know that if you take money out of an IRA, you pay taxes. Anybody who takes money out of an IRA pays the taxes, whether it’s the person who owns the IRA or their beneficiary. But, a charity doesn’t pay taxes.
Therefore, if you leave a charitable gift, by directly funding from your IRA, then those taxes are totally avoided. And you make more use of your money. You actually grow your estate that way. These are the issues we look for when we do estate planning, and we look forward to helping people with these issues all the time. Always consult with a tax professional. This should not be considered specific tax advice for any particular individual.
Contact Dallas Estate Planning and Probate Attorneys, Pyke and Associates, P.C., today.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.
