A provision in the Internal Revenue Code that allows owners of IRAs who are over 70 1/2 to make a direct contribution of up to $100,000 from the IRA to a charity will expire on December 31. The provision is found in section 408(d)(8) of the IRC. Last year Congress retroactively extended this provision to the end of 2013 and it might do so again, but there is no guarantee.
The law and its benefits are described in more detail on the continuing education blog of the University of California, here.
December is traditionally a time for year-end tax planning. In addition to planning for tax issues, now is a good time to take stock of your overall estate plan and update any wills or trusts. Or, if you don’t have a will, now would be a good time to give yourself the gift of peace of mind by taking care of that matter.