To lessen the effect of IRD, some clients may want to name a qualified tax-exempt charity as beneficiary of a retirement account. This approach may be particularly attractive if the gross estate is significant enough to be subject to estate tax, because, when a charity is the named beneficiary of a retirement account, the balance of that account is removed from the gross estate for federal estate tax purposes. Another benefit is that, in the hands of a qualified charity, the IRD liability inherent in the retirement account would be avoided.
The number of deals and size of assets through Sept. 30 already exceed the totals for all of last year.
The fallout impacts pension funds in Michigan; another state says Fisher's remarks at Tiburon summit "are concerning."
Expect big players to keep swallowing up smaller firms, wealth tech experts say.
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