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On April 30, 2009 the IRS released an updated mortality table for use in computing (among other things) the charitable deduction arising from a contribution to a charitable remainder trust, charitable lead trust, charitable gift annuity, or pooled-income fund where the term of the agreement is measured by one or more lives. The new table, Table 2000CM, replaces Table 90CM (the old table). By statute this update is required every ten years and the new table reflects data from the 2000 census.
Why does this matter to you and your clients? The amount of the charitable contribution deduction available upon funding each of these charitable instruments is affected by the new mortality assumptions contained in the new table. In addition, the new table impacts the age at which a beneficiary (or beneficiaries) can establish a qualifying charitable remainder trust under the 10% remainder test of Internal Revenue Code §§ 664(d)(1)(D) and (d)(2)(D).
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