Valentine’s Day is a great time to count your blessings and make good on your charitable intentions. Why not provide for your loved ones while also providing for a charity that is near and dear to your heart? Clients with an Individual Retirement Arrangement (“IRA”) can do just that. Typically, clients name individuals such as spouses and children as beneficiaries of their traditional IRA.

However, did you know that you can also name a charitable remainder trust as the beneficiary of your traditional IRA? Here’s how it works. When you pass away, the charitable remainder trust can pay a fixed income amount yearly to a beneficiary of your choosing such as a spouse or a child for his or her lifetime. Then on the death of the beneficiary, the remaining monies will be paid to a charity of your choice.