Charitable Giving in Norwalk, California

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Charitable giving in Norwalk, California is the donating of money or some other asset to a charitable cause.

The vast majority of charitable gifts are made using the most simple method possible: giving the gift to the intended beneficiary.

Some generous donors will sometimes give virtually everything they own to charity. This is a wonderful thing to do, but it's not really practical - after all, just about everyone has bills to pay. One solution to this is to put off such a generous donation until after death. This allows the donor to meet their obligations during life, while having the satisfaction of knowing that a cause they care about will be given a large amount of assistance after their death.

There are many arrangements authorizing you to donate some or all of your assets to a charitable cause after your death, but direct testamentary gifts (simply leaving money in your will to the charity of your choice) are the most prevalent.

Charitable Trusts in Norwalk, California

Legal arrangements identified as "charitable trusts" are also used to give large amounts of money to charity. It can be used to make the gift immediately, or it can be set to take effect after the donor's death.

While the money, for a time at least, is still technically owned by the donor, it is possessed and controlled by the charity, which acts as a trustee. The trustee is then able to use the money for the charitable purposes which have been laid out in the agreement that first created the trust.

In Norwalk, California, a "charitable remainder trust" is the most common kind of charitable trust. This permits the money or property to immediately pass to the charity of the donor's choice, so they can benefit from it as soon as possible. The charity takes the money, and invests it (usually in reliable, but not necessarily high-yield, investments). They keep most of the income that this generates, but return a portion of it to the donor on a regular basis, for a set period of time. When this time runs out, the original donation, along with all the income it will generate, becomes the legal property of the charity, to dispose of as it pleases.

Most charitable donations are deductible from your state and federal taxable income. However, in order for your donations to count, the charity should be registered with the IRS and equivalent institution in .

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Do I Need a Norwalk, California Attorney?

When attempting to establish a charitable trust, or make another charitable donation, the first thing you should do is discuss this with the organization you want to make the donation to. They will probably be able to advise you on how to donate your money in the way that will be most useful to them. And, of course, you should speak with an attorney in Norwalk, California, who will typically be able to make the process much easier.

21 Wills, Trusts and Estates cases posted to LegalMatch lawyers in Norwalk

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Life in Norwalk

Norwalk is a suburb located in Los Angeles County, California.  It boasts a population of over 105,000 people and is the California's 58th most populated city.  The economy of Norwalk, California is driven largely by retail and entertainment business. Its location close to Los Angeles makes it a popular place for living and recreation.

The city of Norwalk emphasizes the development of arts and culture.  For example, Norwalk operates an "Art in Public Places Program", which places internationally- recognized high-caliber sculptures on display throughout the city.  The Program is intended to raise awareness of art in Norwalk while at the same time beautifying the city.  Due to its artistic appeal, many films and television shows were filmed in Norwalk, such as the Karate Kid, CHiPs, and Monk. 

Norwalk is an important city for lawyers as it is home to the Los Angeles County Registrar and Recorder.  The Registrar's office has jurisdiction over matters like voter registration and marriage license issuance.  It is also responsible for recording legal documentation of real property as well as birth, death, and marriage records.  The office services over 2,000 customers per day and maintains over 2 million personal and real property documents. 

Lawyers in Norwalk, California are available to assist clients with many different types of legal issues.  Norwalk lawyers can provide help for persons filing with the Registrar's office.  They also process many legal claims at the Southeast District of the Los Angeles County Superior Court, which is located in Norwalk.

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