Gifts from Your Retirement Plan or IRA
If you have accumulated substantial amounts in your retirement account and you are in the highest brackets for paying income and estate taxes, those taxes can exceed 70%. These are not ideal assets to bequeath to your heirs. Designating specific amounts or percentages to go to one or more charities as the after-death beneficiaries of your IRA or pension funds can save these taxes while supporting the causes closest to your heart. You just need to update the beneficiary designation form.