New Gift-Giving Vehicles for Seniors Over 70

November 2006
Journal of Financial Planning;Nov2006 Supplement, p15
Academic Journal
The article discusses new gift-giving tax breaks financial planners can use for clients over the age of 70. The Pension Protection Act of 2006 has a provision that provides an exclusion from gross income for distributions of up to $100,000 from traditional and Roth IRAs that would otherwise be included in income, as well as enhanced deductions for contributions to good inventory and the addition of public schools to the list of valid donees. Planners can also take advantage of life settlements, which allow seniors to stop paying burdensome insurance premiums and receive a lump sum for their contributions.


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