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Charitable Remainder Trust

Leaving Your IRA to Your Family First, Then to Charity

Image by Mikey G Ottawa via Flickr Suppose you have a situation where you’d like to leave your IRA (or at least some of it) to a family member or a group of beneficiaries, and then leave the remainder of the IRA to a charity of your choice. One way to do this is to split the beneficiary designation between your family members and the charity.  This is a simple way to make this designation, but it might not really achieve the purpose you’re hoping to.  Suppose you’d like to make certain that a non-spouse family member has adequate income from your IRA for the remainder of his or her life, but you don’t want to overdo the bequest with a large appropriation (and taxes on the distribution).  There’s a way to do this that may fit your needs:  the Charitable Remainder Trust, or CRT. The Charitable Remainder Trust Using […]