Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 07-03-2016, 06:09 PM   #21
Dryer sheet aficionado
 
Join Date: Oct 2015
Posts: 34
Agree with MBMiner. Without the beneficiary having the ability to "own" the funds, I don't see the opportunity for them to claim a charitable (income) deduction.
__________________

__________________
Dancfo is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-04-2016, 02:14 PM   #22
Thinks s/he gets paid by the post
Sunset's Avatar
 
Join Date: Jul 2014
Location: Chicago
Posts: 4,749
Quote:
Originally Posted by euro View Post
Thanks for the explanation! I'm thinking that the OP wants his niece to be able to harvest the tax deduction instead of him, ......
Probably, so the OP is really overthinking this.
Pretend niece is in 25% marginal tax rate, and give her 25% of the funds in the will, and give the charity the other 75%.

That way both benefit, and it's simple.
__________________

__________________
Sunset is offline   Reply With Quote
Old 07-04-2016, 09:32 PM   #23
Recycles dryer sheets
 
Join Date: Jan 2016
Location: Central Illinois
Posts: 105
Our wills are set up so family members receive different percentages of our estate. We also have the wording that if anyone contests the will, they are automatically cut out.
__________________
calico1597 is offline   Reply With Quote
Old 07-04-2016, 09:44 PM   #24
Full time employment: Posting here.
CaliKid's Avatar
 
Join Date: Apr 2016
Location: Cali
Posts: 552
Keep it simple. Give it to your niece and off the record suggest you would like her to give $50k to charity and take the deduction herself. of course if she dies before you, or doesn't follow your wish, then your plan is shot. A good rule of thumb though is to keep it simple.
__________________
______________________
Hoping to get out around September 1, 2022... I hope, I hope, I hope. Until then off to work I go....
CaliKid is offline   Reply With Quote
Old 07-04-2016, 09:54 PM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 5,201
Quote:
Originally Posted by Sunset View Post
Probably, so the OP is really overthinking this.
Pretend niece is in 25% marginal tax rate, and give her 25% of the funds in the will, and give the charity the other 75%.

That way both benefit, and it's simple.
I like this. She gets the equal of the benefit you wanted for her, and the charity gets most of the money you wanted them to. Sure, they don't get the full amount, but it's better than nothing.
__________________

__________________
RunningBum is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Another HSA question - order of contributions question NYCO FIRE and Money 4 11-14-2011 08:49 PM
Macbook Question/Printer Question kaneohe Other topics 5 10-15-2009 08:35 AM

 

 
All times are GMT -6. The time now is 01:08 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.