A tax bill of nearly $7 million might put you in cardiac arrest -- until you learn how much money you have to receive in order to owe that much.
Prince Harry has reason to smile; he'll inherit $17 million after taxes on his 30th birthday.
Upon his 30th birthday Sept. 15, Prince Harry will receive an inheritance of approximately $24 million from a trust fund set up by his late mother, Princess Diana. His brother, Prince William, received the same amount on his 30th birthday. According to the Daily Mirror, 40 percent of that went to taxes.
Charity could reduce the tax bill
Prince Harry could lessen the tax bite by donating some of the money to charity. According to his website, Prince Harry is a co-founder of The Royal Foundation of The Duke and Duchess of Cambridge and Prince Harry, which has a three-pronged mission: supporting the Armed Forces, helping young people and protecting natural resources.
He also jointly founded an organization called Sentebale in 2006, which assists children in Lesotho, South Africa who have been orphaned by the country's AIDS pandemic.
As an Army captain, Harry earns a little more than $66,000 annually, but with an estimated net worth of $40 million, his salary doesn't have to go very far.
Are you expecting a windfall? Learn about what to do with an inheritance.
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