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The Wall Street Journal quotes Natalie Choate in “Charitable Perk Expires”

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02.10.2014

Natalie Choate, a member of the firm’s Trusts and Estates Department, was quoted in “Charitable Perk Expires” in The Wall Street Journal on February 10. The article discusses how on December 31, 2013, a popular charitable giving perk expired which lets people who are at least 70½ years old donate as much as $100,000 a year from their individual retirement accounts to tax-qualified charities and count the donation as their required annual IRA distribution, avoiding reporting it as income or paying tax on that amount.

The rule allowing donations from IRAs will likely be renewed and the article offers tips on how to donate an IRA distribution to charity without tripping over tax rules. “It’s a good idea to ask the charity to provide a letter acknowledging the gift, the date of receipt, the amount and language specifying that it came from your IRA,” Natalie noted. “The letter should also specify there were no goods or services received in exchange for the donation, as with any other charitable gift of $250 or more,” she said.

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