Designating Campbell as Beneficiary IRA

When you leave an IRA to anyone but your spouse (only a spouse can rollover an inherited IRA into his or her own IRA), income taxes at ordinary income rates are usually due on the entire IRA.  But, if you select your IRA as the asset to leave to Campbell, leaving other assets to your children or other beneficiaries, Campbell pays no income taxes on the IRA because Campbell is a tax-exempt organization.  What a great income tax savings!  And, you can designate Campbell as the sole or partial beneficiary of your IRA, too. 

Features of this gift plan include:

  • Ease – you simply get a beneficiary designation form from your plan administrator to fill out.
  • Flexibility – your beneficiary designation is revocable during your lifetime.
  • Control – we can draft a separate gift document for you in which you can specify how the proceeds of your IRA are ultimately to be used by Campbell.  
  • Income tax savings – when you leave an IRA to anyone but your spouse, income taxes at ordinary income rates are usually due on the entire IRA; but, if you select your IRA as the asset to leave to Campbell, leaving other assets to your children or other beneficiaries, Campbell pays no income taxes on the IRA because Campbell is a tax-exempt organization.
  • Estate tax savings – you get a full, dollar-for-dollar estate tax charitable deduction for leaving an IRA to Campbell; so, in larger estates, this deduction reduces estate taxes.
  • Larger gifts possible – donors are often able to make larger gifts than would have been possible during their lifetimes.

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