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A smart college development officer will suggest that he execute a will, leaving his probate estate to his son, and designate his alma mater as a beneficiary of the IRA.
Assuming there is no change in value, both the college and son will receive $50,000. But the college will not be taxed on the IRD included in the IRA.
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Kathleen Stephenson
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Lisa B. Petkun
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Lisa B. Petkun is a partner in the tax department at Pepper Hamilton LLP.
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