Moye White estate planning attorney Heidi Gassman recently spoke with The Denver Foundation to discuss Qualified Charitable Distributions with recent legislation increasing the required minimum distribution age to 73 for 2023.
An excerpt from The Denver Foundation article is below:
Qualified Charitable Distributions (QCDs), also called “IRA charitable distributions” or “IRA charitable rollovers,” are an increasingly popular and flexible tool for driving impact. They allow those 70½ years old or older to donate up to $100,000 directly from their traditional IRA to qualified nonprofits instead of taking the income. These gifts can satisfy the required minimum distribution (RMD) amounts if a person has passed their RMD required start date.
“Qualified Charitable Distributions are a great way to unburden overfunded IRAs. I recommend them to clients aged 70½ plus, with over $1.5 million in an IRA,” said Heidi Gassman. “While they may be a limited-use tool, they are perfect for certain clients who want to contribute to something that matters to them.”
Heidi Gassman is a partner in the Trusts and Estates group at Moye White. She advises clients on a wide variety of estate planning matters, including estate and trust administration and pre- and post-marital agreements. Additionally, Heidi has experience with real property, business and entity formation and general consultation, and commercial leases and contracts.
The Denver Foundation is a nonprofit that stewards more than 1,000 funds established by generous donors who donate to organizations throughout the seven-county Metro Denver region, across Colorado, and beyond.