Jake Posted August 31, 2009 Report Share Posted August 31, 2009 I have a new client that died in 2008 she had a Living Trust that bequested contributions totaling $75,000 to a variety of charitable organizations. The contributions were made from the trust soon after her death. The issue that I have is that the Trust only had about $10,000 of income during 2008 so it appears to me that these contributions are mostly lost. We could have used them on her final return (she had a tax liability) or the benificiaries could have used the deductions. Is there any way to get these contributions to flow through to the benificiaries. I don't think so but I hate to see such a large contribution go to waste. Thanks for any ideas. Jake Quote Link to comment Share on other sites More sharing options...
michaelmars Posted August 31, 2009 Report Share Posted August 31, 2009 {OFF THE TOP OF MY HEAD RESPONSE} IF THIS IS A FINAL YEAR FOR THE TRUST EXCESS DEDUCTIONS WILL FLOW TO BENEFICIARIES - [i HAVE NO IDEA IF CARRIED OVER CONTRIBUTIONS IS CONSIDERED EXCESS DEDUCTIONS] Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.