When an IRA account holder dies, their estate may be facing the “double tax” of both federal income and estate taxes on the IRA, as well as possible state income and estate taxes. A possible solution to the heavy taxes is designating a charity as the beneficiary.
See Russell E. Towers, How to Eliminate the “Double Tax” at Death, Life Health Pro, March 16, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
