Memorial fund...?

Question

My pastor, churchmembers, good friends, and my hubby and I are arranging a fundraising benefit to help pay for the cost of the headstone to mark the place where my sweet son has been resting since suddenly passing away unexpectedly last August. We want to also have a memorial fund for those who want to help but will not be able to attend the event. Do I need an attorney? Who's name would the memorial fund account be in? I intend to go out this week and make preparations for the fund. Just want to know a little about what to expect. Thanks for any info anyone can give me.

Answer 1

I'm sorry for your loss....I would have the memorial fund be in a church account.  They are a registered non-profit, so they wouldn't have to pay taxes on it.  However if the money is in your name then you will be accountable for taxes even though it is in memory of your son.  God Bless!!