Top 10 Estate Planning Mistakes – Number 6

Attorney Dorothy L. Korszen
Dorothy’s practice focuses on trusts and estates, real estate, and business and corporate law.

You have finally signed your wills, trusts, powers of attorney, and took a sigh of relief that your estate plans are finally in order. But are you finished for good, or did you only take an important step in a longer process? Check back here everyday for the Top 10 Estate Planning Mistakes that can occur even in the best laid estate plans.

Number 6…Not making charitable gifts from your IRA. Beneficiaries of IRAs (except for Roth IRA’s) pay income tax when they receive distributions because the contributions have not yet been subject to income tax. If you make charitable gifts from pre-tax IRAs, your gifts will make a greater difference because the charity will not be required to pay income tax. Check with your estate planning attorney and tax advisor about current tax laws regarding charitable gifting from IRA’s.