While we are familiar with the application of “income in respect of a decedent” (IRD) and its numerous drawbacks, we often overlook potential tax planning strategies. Understanding the IRD rules and utilizing them in an effective manner could result in significant income tax savings to an estate and its beneficiaries.
It is generally desirable for IRD assets to pass to charitable beneficiaries, thereby avoiding the tax double-sting, discussed below. This article focuses on estate and income tax planning opportunities relating to the strategic assignment of qualified plans and IRAs to charitable beneficiaries.
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