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Most of the people are aware of the tax benefit of the ROTH IRA when you withdraw at retirement.

Another advantage is you can contribute after age 70 ½ as long as you have earned income and there is no minimum distribution requirements as in IRA. i.e. All your savings can be passed to your beneficiaries

For individuals those who want to donate to charity as part of their estate planning can take advantage of the new charity donation provisions. New provision in the pension bill enables anyone 70-1/2 or older to use as much as $100,000 a year from their tax-deferred IRA for charitable gifts, without paying income taxes. But they won't be able to take a tax deduction for the amount they contribute. They can donate from from their IRAs and save other investments for their heirs. The unspent IRAs left when their owner dies are included in their estates for tax purposes and estate tax will kick in at $2 milllion mark. But the investment passed down from one generation to another are marked up to their current value and hence the tax impact will be minimal.