| We all know how important it is to put aside savings to | | | | $5,000.00 in cash you would be wise to designate your |
| be left behind for our loved ones as well as a charity | | | | favorite charitable organization as your beneficiary and |
| that we believe in after we have passed on. While | | | | leave your cash to your family. If your family remains a |
| taxes have to be paid on the money that is left to the | | | | beneficiary to your IRA they will be required to pay |
| individuals we name, charitable donations are now | | | | taxes on that money. This is a great way of ensuring |
| exempt from paying taxes on the property or monies | | | | that the money and assets you worked so hard all |
| they receive. The government understands that when | | | | your life to attain will be enjoyed to it full financial limit. |
| we give a donation to a charitable organization it | | | | Both your loved ones and the government benefit |
| increases their potential to carry on the work they do. | | | | from this way of organizing your savings. Your family |
| This added revenue places them in a better financial | | | | will be able to receive the full amount you intended for |
| position and in turn decreases the likelihood that they | | | | them and the government's burden in having to |
| will need government funds thus saving taxpayer | | | | support charities will be greatly lessened. |
| money. | | | | Many retired couples have worked all their lives for |
| Many people find themselves in a position of not | | | | companies where they were able to accumulate a |
| having dependents or family members to leave their | | | | sizable 401(k) plan [ What if both spouses had very |
| estate to. Still others may have immediate family that | | | | good salaries and they were able to put aside money |
| are in a financial position where they don't need an | | | | in other retirement plans and upon reaching 70 1/2 |
| inheritance to meet their day to day needs. Wouldn't it | | | | years of age did not need the minimum required |
| be nice if in such cases you could be assured that | | | | distributions they were forced to take each year? In |
| taxes would not have to be paid on the money or | | | | such cases you must pay taxes on these withdrawals |
| property you leave behind? In today's uncertain | | | | even if you do not need the income. |
| economic times charities are finding it increasingly | | | | With the existing provisions made by the government |
| difficult to secure enough donations to allow them to | | | | people are now free to leave funds to their favorite |
| continue important research or to take care of the | | | | charity and know that so much of the money the |
| needs of the most vulnerable in our society. | | | | charitable organization receives will not be lost by |
| In cases where a person has both cash and money in | | | | having to pay taxes on it. It's very important to review |
| an IRA they can now make certain that no one will | | | | your will and make the necessary changes that will |
| have to pay taxes on what they leave behind after | | | | enable your loved ones and the charities you believe in |
| their death. If you had $5,000.00 in an IRA as well as | | | | to receive the full benefit of your estate. |