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Is a tax-deferred retirement account a good
asset to pass on to your heirs? In many cases the answer is no. At your death, any
unused retirement assets are subject to two potential tax liabilities:
Total taxes on the IRA assets can be extremely
high -- even up to 80 percent. You can avoid this depletion by naming Smith College
(or another charity) as beneficiary of your IRA and directing other, less tax-encumbered
assets to heirs. This strategy can result in more assets reaching your heirs.
An article by the manager of estate planning
for Mellon Private Asset Management, outlines the elements of using retirement assets
to fund a charitable gift.
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