IRA for charity purposes
I AM OVER 70 AND 1/2 AT MY DEATH I WOULD LIKE TO PUT MY IRA IN A VEHICLE THAT COULD BE USED EXCLUSIVELY FOR CHARITY PURPOSES. THE CHARITIES WOULD BE SELCETED BY A COMMITTE OF 3 PEOPLE BASED ON GUIDLINES PROVIDED BY ME PRIOR TO DEATH. COULD A FAMILY FOUNDATION BE USED? WOULD RMD’S BE REQUIRED? WHAT ARE INCOME TAX REQUIREMENT IF ANY? IT WOULD BE MY DESIRE THAT CHARITIES BE SELECTED OVER A PERIOD OF YEARS INTO THE FUTURE FOLLOWING MY DEATH IS THERE ANY OTHER STRUCTURE THAT YOU MIGHT SUGGEST TO ACCOMPLISH MY GOALS. THANKS FOR YOUR HELP
Don Norton
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Permalink Submitted by Bruce Steiner on Mon, 2013-06-10 02:39
Yes. A family foundation would work here. We create lots of family foundations. Since the foundation will be tax-exempt, it can take the IRA benefits at once upon your death. A foundation generally has to distribute at least 5% of its assets to charity each year (or more, if the board wishes to distribute more).Please don’t write in all capital letters. It makes it much harder to read.Bruce Steiner, attorney, NYC, also admitted in NJ and FL