The 2023 Legacy IRA Act: Using Tax-Free IRA Distributions for Lifetime Income

The Legacy IRA Act is now law. Individuals over 70 ½ can now make a tax-free Qualified Charitable Distribution (QCD) of up to $50,000 to fund a life income gift.

The Act expands the definition of QCDs to include one-time distributions to create life income plans, specifically a charitable gift annuity (CGA), charitable remainder unitrust, or charitable remainder annuity trust. This new type of QCD is a one-time maximum transfer of a total of $50,000 in a calendar year and can only be done once during the lifetime of the IRA owner.

Join us for an opportunity to learn more about how this new law may provide significant benefits in your retirement and charitable planning and have your questions answered by Neal P. Myerberg, Attorney and Principal, Myerberg Philanthropic Advisors.