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Recently I attended a talk by Professor Lynne Marie Kohm, J.D. who is a graduate of SUNY Albany and spoke to a group of SUNY Advancement Officers. At that luncheon she mentioned several key examples of how people can cut taxes in their estate planning. Below is an example from her book. (Example used with permission of the author.)

Charitable Giving Can Be the Foundation of a Good Estate Plan

Tiffany wanted to know how much tax she would have to pay when her estate was settled. An initial analysis revealed that because she had several IRAs and she was leaving those proceeds to a niece and nephew, the tax rate was over 45%! She had a heart for charity and always gave generously. By restructuring her estate plan and leaving her IRAs to a charity and other assets to her niece and nephew, she reduced the taxes from 45% on the IRAs to zero, and the cost of leaving a gift to her niece and nephew from her other assets was only 15%.

There are many other examples of ways of giving that can be found on the SUNY Planned Giving site by clicking Additional Planned Giving Information.

Thank you,

Trish Prunty, Foundation Executive Director

Lynne Kohm’s book is: Estate Planning Success for Women, Barron Publishing Co., State College, PA © 2005.

Additional Planned Giving Information

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