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I think you have the fundamentals of understanding the options. Increasing your IRA’s to Roth and offsetting it with the start of an endowment. I do think you should consult a tax attorney in this matter though.

Is it better to go this route or just go with using the inherited IRA’s as the donation and never pay the taxes on that income.

Would need to work out which is better for you tax wise. Depending on your incomes and tax situation you and your sister in law may have different approaches to this.

Nice to be able to set up the endowment. Good for you.
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