Spencer Law Firm LLC
717.207.7935 866.639.5451

Bailout Extra - Includes IRA Charitable Rollover

The "Bailout" which is what the public calls The Emergency Economic Stabilization Act of 2008 (H.R. 1424) passed the House and was signed by President Bush on October 3, 2008.  Lot and lots of little "additions" appeared - plus lots of "pork."

Good news for charities - the law extends the IRA Charitable Rollover which allows individuals who are over age 70 to transfer up to $100,000 per year to charities form their IRAs.  It is now applicable for 2008 and 2009.

The charitable rollover is available only for outright gifts to charities, not split interest gifts like charitable remainder trusts. There are four requirements: (1) the IRA gift must otherwise have been includible ordinary income to the IRA owner, (2) the IRA owner must be 70 ½ or older, (3) the gift must be to a qualified exempt public charity, and (4) the recipient may not be a private foundation, supporting organization or donor advised fund.

Blogging credit to the North Carolina Estate Planning Blog

No Comments

Leave a comment
Comment Information

We’d Like to Hear From You

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Contact Information

Spencer Law Firm LLC
320 Race Ave
Lancaster, PA 17603

Toll Free: 866-639-5451
Phone: 717-207-7935
Lancaster Law Office Map

  • MS Logo The American College of Trust and Estate Counsel
  • Super LawyersAV Peer Review Rated
  • fig | figmagazine.com