IRA Charitable Rollover Basics from Austin Estate Planning Lawyer Liz Nielsen

IRA Charitable Rollover

The IRA charitable rollover provisions provide an important giving opportunity for retirees who are charitably inclined. This is particularly following the recently passed Tax Cuts and Jobs Act of 2017 (the “Tax Act”). Because the Tax Act will significantly reduce the number of taxpayers who itemize, and so fewer taxpayers will benefit from a charitable deduction for annual giving. However, the IRA charitable rollover provisions allow some retirees to receive a tax benefit for their generosity, regardless of whether they itemize deductions or not.

What the New Tax Law Means for Retirement Benefits

Retirement Benefits Austin Estate Planning Lawyer

“The Tax Cuts and Jobs Act makes sweeping changes to the tax code, but few directly impacting retirement benefits.”

Now that the new tax law has passed, it is time to consider how it will affect your retirement benefits. The new law eliminates Roth recharacterizations and may make qualified charitable distributions even more popular, according to Natalie Choate in “What the Tax Cuts and Jobs Act Means for Retirement Benefits.”

How Does an IRA Fit Into Your Estate Plan?

IRA Retirement Estate Planning

When you think of IRAs, you probably think of retirement. But what happens to your IRA money after you’re gone? The answer depends on how you go about creating your estate plan and selecting beneficiaries, and you might be surprised to find out that your money could end up with the wrong people or cause an unexpected tax bill if you don’t take action ahead of time.