Andrea and Juan, both turning 75 this year, recently met with their financial advisor and estate planning attorney. During those conversations, they learned that their assets—particularly their Individual Retirement Accounts (IRAs)—had grown far more than they expected. They realized they had more than enough to support themselves in retirement and provide for their heirs, and they also wanted to make a meaningful charitable impact.  

Their advisors recommended a simple, tax-efficient strategy: leaving a portion of their retirement assets to charity upon their passing. They explained that retirement assets such as IRAs are fully tax‑free when transferred to charity, while heirs must pay income tax on any withdrawals if those same assets are left to them.  

This idea resonated with Andrea and Juan, and they asked how to put it into practice. Their advisors suggested creating a fund at Community Foundation Tampa Bay that would receive a portion of their IRAs at death. The fund would then distribute grants to all of their favorite charities over time.  

Andrea and Juan loved this approach. Naming one fund as the IRA beneficiary was much simpler than listing multiple charities, and it ensured that the organizations they care about would receive ongoing annual grants in their names. They appreciated knowing that their legacy would reflect their commitment to doing good. 

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