If you already are or are about to turn 70.5 years of age or know someone who is, this is important to know and to share - there is an IRS tax requirement that is not well known that will require you to withdraw retirement savings and will tax you on those withdrawals. Please go to the link here and consult with your tax advisor for the details on Required Minimum Distributions (RMD).
If this IRS requirement applies to you, a family member or simply someone you know, then please share this information. If you have questions about this article or about Estate Planning benefits and opportunities that come from donating to nonprofits such as Divine Lineage, contact Harry Whited - Harry is one of our “senior” Board Members who is fast closing in on 70.5 years of age.
This is the first of several articles for those thinking about estate planning and/or retirement and financial and personal benefits of donating to a nonprofit that does work you want to support.