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Qualified charitable distributions

Many Kent area residents donate to charity each year. Charitable donations help with taxes and are a great way to help organizations throughout our community. Charitable donations can also help with estate planning purposes when a person is still alive. Transferring money to a charity is one way for a person to impart their values to their heirs.

A qualified charitable distribution (QCD) is a way for a person to transfer assets from an IRA to a charitable organization. Often, people use this option when they are forced to take a minimum required distribution. Individuals over the age of 70 ½ may make a QCD from their IRA. The transfer must be made directly to a charity with the limit being $100,000 each year. The person who uses a QCD cannot take that amount as a charitable deduction on their taxes.

Helping charitable organizations and having tax benefits besides is something that many Kent area residents may find enticing. A legal professional skilled in estate planning can help their clients with setting up an estate plan, or updating an existing estate plan based on their current needs. An attorney can also recommend financial professionals to help with the tax implications of estate plans. Having an estate plan that benefits both heirs and charitable organizations makes sense for many families.

Having an estate plan is important in protecting a family's assets and for continuing a family's legacy. Often, a person's values include charitable giving. There are many ways for a person to include a charity in their estate plan and an attorney can help an individual make sure their wishes are met.

Source:, "A guide to qualified charitable distributions", Natalie Choate, Nov. 11, 2016

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