Mid-America Planned Giving Council

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MAPGC

Charitable Gifts and Bequests of Retirement Assets with Christopher Hoyt

The session will focus on strategies, traps and solutions for charitable uses of retirement assets, including “Charitable IRA Rollover” and using pre-tax dollars in retirement accounts to make charitable bequests.  Also, an introduction to “income-based charitable bequests” – a way for an estate or trust to get income tax savings from charitable bequests.

Most charitable bequests in today’s wills and trusts are missing a huge tax-saving opportunity. We still use language from the 20th Century. That language produced a charitable estate tax deduction for those estates that were subject to the federal estate tax. In the 21st Century, few estates pay the federal estate tax. So, instead, charitable bequests in wills and trusts should be drafted to produce income tax savings. Use language that allows a trust or an estate to claim a charitable income tax deduction for charitable bequests. With fewer income taxes paid, other beneficiaries (such as children) can inherit a larger amount.

Take-aways:

  • When does “Charitable IRA Rollover” produce the most tax savings? When not?
  • Strategies, traps and opportunities for charitable bequests from retirement assets.
  • An introduction to “income-based charitable bequests” – a way for an estate or trust to get income tax savings from charitable bequests.

Agenda:
7:30 – 7:50 am Registration/Breakfast
7:50 – 8:00 am Announcements
8:00 – 9:00 am Program

Presenter:
Christopher Hoyt is a Professor of Law at the University of Missouri Kansas City) School of Law where he teaches courses in the area of federal income taxation and business organizations. Previously, he was with the law firm of Spencer, Fane, Britt & Browne in Kansas City, Missouri. He received an undergraduate degree in economics from Northwestern University and he received dual law and accounting degrees from the University of Wisconsin.

Professor Hoyt has served as the Chair of the American Bar Association’s Committee on Charitable Organizations (Section of Trusts and Estates) and he serves on the editorial board ofTrusts and Estates magazine. He is an ACTEC fellow and has been designated by his peers as a “Best Lawyer”. He was elected to the Estate Planning Hall of Fame by the National Association of Estate Planners & Councils. He is a frequent speaker at legal and educational programs and has been quoted in numerous publications, including The Wall Street Journal, Forbes, MONEY Magazine, The New York Times andThe Washington Post.

Read an article regarding the best ways to structure a charitable bequest of IRD Assets by Mr. Hoyt here.

Member Quotes

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