IRA Annuity Payments – Charitable Deductions at Death?
If a individual purchases an immediate annuity with a period certain payment (7 years) and dies before receiving all payments, can a charity be named as bene? If so, are the payments or present value a charitable gift and not included in the taxable estate?
Individual is single and has no dependents..?
Thanks
Permalink Submitted by Alan Spross on Wed, 2008-03-19 23:33
Usually, a charity can be named, and while the owner is still alive the beneficiary of this type of payout could be changed.
The remaining value at owner’s death would be in owner’s gross estate, however there would also be a charitable deduction available.