The Legacy IRA Act is now law. The new provisions expand the previous definition of a qualified charitable deduction to include certain life income gifts established from an IRA. This new law provides a way to make a meaningful gift and mitigate taxes and penalties associated with traditional IRA distributions, while providing income to the lifetime beneficiary. There are exclusions and limitations. Speak with your attorney to learn more about the Legacy IRA Act.

-Emily A. Helmick, Esq.