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What Is A CHIRA® ?

A CHIRA® is a planning opportunity that allows an individual to reinvest IRA funds into their favorite charity while insuring that the funds are returned to their family upon their death. This shift in wealth, from Wall Street to Main Street, can generate an immediate benefit to charity without income tax to the individual.

How does the CHIRA® plan work?

The CHIRA® involves a loan from an individual’s IRA to their charity. The loan to charity is collateralized by a life insurance policy purchased by the charity on your life. For example, your IRA loans $100,000 to harity. Charity uses $50,000 for a single premium purchase of an insurance policy on your life.

The death benefit of $100,000 from the policy is used to repay your IRA for the loan. The Charity will annually pay interest. A prudent charity may reserve $30,000 to service future interest (and any additional premiums if the policy does not perform as anticipated). After payment of policy premiums and the interest reserve, the charity will receive an immediate, unrestricted cash infusion of $20,000. This can be used by the charity for their tax exempt purpose.

Do you know how difficult it is for your charity to raise $20,000? This requires enormous planning and labor. The impact of this single transfer is often equivalent to several fundraisers, allowing you to make an immediate and meaningful contribution. The CHIRA® program can be tailored to increase the benefit to charity.

Does the CHIRA® trigger income taxation?

No. The loan is an investment. It is not a gift. It is an arm’s length, interest-only secured loan bearing fair market interest. The principal amount of the loan becomes due upon your date of death. Interest payments are made on an annual basis.

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Case Study Examples

Mary, 74, has a gross estate of $4.5 million. She has qualified retirement assets of $2.5 million including
a profit sharing plan of $1.5 million and an IRA of $1 million. Mary has designated her charity to be
the beneficiary of her IRA.
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Michael, 65, has a $2 million gross estate. Included within this estate is an individual retirement account
(IRA) of $500,000 that he rolled over from a pre-existing profit sharing plan. Michael desires to
help his local hospital in building a cancer research center. He is in relatively good health and is likely
not going to otherwise purchase any insurance for his estate planning goals. He would like to benefit
his charity today but ultimately distribute his IRA to his spouse. He names his spouse as the primary
beneficiary of his IRA.
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Jack is a retired bank executive and a longtime community leader. Now age 73, he enjoys giving
back to the community that has been so generous to him. He owns a $2.6 million Individual Retirement
Account (IRA). In this presentation case study, Jack takes advantage of the new charitable IRA rollover
rules and the CHIRA® plan to increase his gifts to his favorite charity.
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