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Put your money where your heart is

by on
in Small Business Tax

Q: I am the executor of my parents' estates. My father passed away two years ago and my mother this February. Can I redirect part of my inheritance from my mother to a charity? S.J.P., Longmont, Colo.

A: Yes. As the executor, you're responsible for handling each parent's estate and overseeing the distribution of assets and settling of debts. Beneficiaries have the right to disclaim assets and redirect them to a charity or to other beneficiaries. That right applies to all beneficiaries, not just the beneficiary who happens to be the estate's executor. Tip: By disclaiming inherited assets and redirecting them elsewhere, you reduce the size of your own taxable estate.

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