On December 29, 2022, the President signed the Fiscal Year 2022 Omnibus Appropriations Bill - ending decades of efforts to open up IRA assets to fund life income gifts! While there are limits on these gift opportunities, it is likely the start of something very big for planned giving programs.
Here are the basic facts:
Firstly, IRAs in particular are a huge financial asset class of the baby-boomers - in the $ Trillions - and already represent a phenomenal opportunity for legacy gifts.
Additionally, donors can now lock in guaranteed income for life at favorable rates while also making a significant legacy commitment.
As this law hopefully expands, life income gift programs in particular will become more and more important to our organization's future.
The gift planning information presented on this site is intended as general. It is not to be considered tax, legal, or financial advice. Please consult your own personal advisors prior to any decision.
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