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Act of 2015 Passes Tax-Free Gifts from IRA accounts for 70+
IRA Owners
December 2015
Congress has been promising action on a number of tax provisions that expired at the end of 2014.
After much delay, on December 18th, Congress approved The Protecting Americans from Tax
Hikes (PATH) Act of 2015.
This reauthorizes the IRA charitable rollover and makes it permanent. IRA owners age 70 1/2 and
older may transfer up to $100,000 from their IRA to a qualified public charity. The transfer will be
made free of federal income tax and the gift qualifies for the donor's 2015 required minimum
distribution (RMD).
IRA owners that are over age 70 and want to make a gift from their IRA accounts in 2015 have a few
days left to take advantage of this provision, and from now on, this privilege and planning strategy will
be available every year.
Tax Update Protecting Americans from Tax Hikes PATH Act of 2015
December 2015
Gevers Wealth Management, LLC
Page 2
To editorialize for a moment it is extremely frustrating that Congress waited until this late in the year
to pass this bill. In fact this is the third time in the last few years that they have procrastinated until the
week before Christmas to pass a major tax bill.
Many families have been waiting and delaying decisions on their RMDs for 2015 in hopes that this
bill might pass. I give our legislators a C- grade for their lack of timeliness and for creating what will
certainly be a last minute stampede to take advantage of the charitable provision.
All complaining aside we will do all we can to help our clients implement any charitable gifts they
might want to make from their IRA accounts before the year-end deadline. If we have not already
discussed this, and you are over 70, we would be happy to review this strategy with you.
And, undoubtedly, many charities are delighted that this provision has passed as it may lead to a surge
in last-minute giving. There are many great groups doing outstanding and vital work to make our
communities better, and it is gratifying to see money go to many of these deserving causes. As
financial advisors, we feel privileged to play a small part in helping facilitate these important gifts.
Tax Update Protecting Americans from Tax Hikes PATH Act of 2015
December 2015
Gevers Wealth Management, LLC
Page 3
Merry Christmas from the Gevers family and from our firm to you & your families!
Warm regards,
William R. Gevers
Financial Advisor
Tax Update Protecting Americans from Tax Hikes PATH Act of 2015
December 2015
Gevers Wealth Management, LLC
Page 4
PS: We have been repeatedly asked by clients if they could share these e-mail notes with their friends
or neighbors. Please feel free to forward this with the stipulation that it may only be forwarded if done
so in its entirety with no portions omitted. We would be delighted to share our comments and opinions
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Copyright 2015 William R. Gevers. All rights reserved.