JULY 14 • 2022 | 57
Kent at Ferguson Widmayer &
Clark PC in Ann Arbor says,
“If you leave your retirement
assets to your loved ones, they
typically have to pay income
tax on the retirement assets,
unless they are Roth accounts,
even if your overall estate does
not meet the threshold for
estate taxes. This is because
retirement assets have not yet
been taxed before they are
withdrawn,” she continues.
“However, leaving all or
part of your retirement assets
to a nonprofit organization
provides an even greater
benefit to the organization
and ‘more bang for your buck’
because the charities are tax-
exempt; therefore, after your
death, they can withdraw the
assets from the retirement
account without having to
pay income taxes on the
withdrawal, leaving a greater
net benefit from you.”
Prior to the pandemic, many
Baby Boomers did not have
wills or did not think about
leaving part of
their estate to
charity. Attorney
Stephen Cheifetz,
LIFE & LEGACY
volunteer and
partner at
Strosberg Sasso
Sutts LLP in Windsor, clarifies
that under Canadian income
tax rules, a donation tax credit
may be claimed for qualifying
charitable gifts made by an
individual through his or her
will, by the estate or by direct
designation. “By your estate
making a qualifying charitable
donation, it winds up paying
less income tax than it would
have paid otherwise.”
For info on leaving part of your estate
to Jewish organizations in Ann Arbor or
Windsor, contact Osnat Gafni-Pappas
at osnat@jewishannarbor.org or Richie
Kamen at richard@jewishwindsor.org.
Stephen
Cheifetz
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