Results 1 to 4 of 4

Thread: Charitable Receiving

  1. #1

    Charitable Receiving

    I am not sure where to ask this question but the life forum seemed right.

    Some friends, coworkers, and relatives want to donate money for my husband to go to Dr. Bohbot's for laserponcture treatment and perhaps others that are not covered by insurance. A couple have asked about tax deduction. Would we be able to set up a charitable account for my husband? Has anyone else done this? How would we go about it?

  2. #2

    Post

    Eve,
    I do not believe that a tax free organization can be set up for the benefit of one person and it is a very expensive undertaking. I think that the best answer is to set up a Special Needs Trust and then at least the gifts are not considered taxable to you. Gifts to/from family members are handled slightly differently. You can probably set up a Special Needs Trust with a little legal help or with a good how-to text.
    Please find a family member who is a lawyer or accountant and they can help you more than I can because you do get what you pay for and this advice is free. Do a search at here at CC for additional information.
    Carl

  3. #3

    Check Here

    Eve~
    NTAF has a catastrophic illness/injury fund with assistance for individuals with Spinal Cord Injury: http://www.transplantfund.org/Catastrophic/index.cfm. They will act as your 501 (c)3 and write the checks directly to the facility. The allow use for anything allowed by the IRS and provide monthly statements of all donations. The Spcial Needs Trust would "protect" your husband but would not allow for a tax donation to the donors. Many have found this to be a viable option.
    Every day I wake up is a good one

  4. #4

    Post

    Quote Originally Posted by cheesecake
    NTAF has a catastrophic illness/injury fund with assistance for individuals with Spinal Cord Injury: ... Many have found this to be a viable option.
    This looks to be an excellent alternative that should be tax deductible to the donor. Looking at their website, they effectively take a 7% administrative charge of the funds donated. This seems reasonable. They are set up to take credit card donations and accept corporate matching funds.
    Anyone at CC have any experience with them?
    Carl

Similar Threads

  1. Replies: 1
    Last Post: 10-09-2003, 07:18 AM
  2. DAV Charitable Service Trust Helps Update VA Lab
    By Max in forum Funding, Legislation, & Advocacy
    Replies: 0
    Last Post: 05-19-2003, 12:57 PM
  3. Replies: 2
    Last Post: 04-11-2003, 08:17 PM
  4. Replies: 1
    Last Post: 01-20-2003, 08:34 PM
  5. Replies: 0
    Last Post: 03-06-2002, 11:13 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •