Personal Finance & Money Asked on March 25, 2021
My grandfather passed away a little while back and apparently I’m one of the people he had listed as a beneficiary in his will. I’m due to inherit a small chunk of change, but I always donate my excess income to charity so ultimately all that inheritance is going to a non profit (givewell to be exact, it’s the most efficient option for anyone wanting to maximize the effectiveness of their donations!).
However, I already have so much I plan to donate this year to charity that I will likely hit the cap on how much I can claim for charitable donations on my taxes. I currently have over 100% of my annual income in savings ‘allocated’ to charitable donations, which I’ll be donating this year, or possible over the course of multiple years to maximize the tax savings on the donations, I still need to investigate the best option. The point being that if the money in the trust is inherited by me it will then take time before I can efficiently donate it and I worry about ultimately paying taxes multiple times on it in the mean time.
I know much of the money we will be inheriting is in a trust that my grandfather’s financial advisor helped him set up. My mother is one of the executors of my grandfather’s will and is handling the trust. I’m wondering if there is any legal way I can have her send that money directly from the trust to a charity of my choose which may be more efficient then my inheriting it just to re-donate it.
Get help from others!
Recent Answers
Recent Questions
© 2024 TransWikia.com. All rights reserved. Sites we Love: PCI Database, UKBizDB, Menu Kuliner, Sharing RPP