How To Make A Sizable Charitable Donation From Your IRATax Free
If you are over 70 years old, want to make a gift for a special charitable project, but your only liquid asset is your IRA, I have good news for you.
On August 17, 2006 the Pension Protection Act of 2006 (PPA 2006) was signed into law. This nearly 1,000 page piece of legislation marked the most sweeping changes to the pension arena in 30 years.
Let me give you two common examples that contain problems faced by seniors solved by PPA 2006
Roger and Claire are retired. Roger spent his working career in the aerospace industry. He was more than well compensated and over the years accumulated a very large 401(k) plan. The plan grew nearly 500% during one 5 year bull market. When he retired, he rolled his 401(k) into an IRA. Other than their home, the IRA is far and away their biggest asset.
For years, Roger and Claire have been supporters of the Humane Society. Their local chapter is building an entire new wing on to their kennels. Roger and Claire would love to make a significant donationsomewhere in the neighborhood of $50,000 to $100,000.
Bill and Diane both worked during...
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