Charitable giving in Ketchikan, Alaska is the giving of money or some other asset to a charitable cause.
The easiest way to make a charitable gift is to just give the money or property directly to the organization you want to help.
Some people, however, may be particularly dedicated to a certain cause, giving rise to a desire to donate a very large percentage of their assets to it. However, during life, this is often infeasible, since people have their own expenses that they have to cover. So, people often put off this donation until after their death.
There are many arrangements allowing 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 common.
Charitable Trusts in Ketchikan, Alaska
Charitable trusts are arrangements that involve handing possession (but not necessarily ownership) of money or property over to a charity, either during the donor's life, or after their 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.
The most common kind of charitable trust in Ketchikan, Alaska is a charitable remainder trust. This allows you to give as much money or property as you want to a charity. The money is then invested by the charity. The investments are usually fairly conservative, sacrificing large returns for security. The charity then returns a portion of these returns to the donor, or another person named by the donor, while keeping the rest. This lasts for a set period of time, at the end of which the charity gets full ownership of the original fund.
Wanting to help a charitable cause is, of course, a good thing. However, some people seek to take advantage of our good intentions through fraudulent charities. If you want to help ensure that any money you donate to an organization is actually used for a charitable cause, and that your donation will be tax-deductible, you should check to see that the organization is actually tax-exempt. You can find this information from the IRS and/or the agency responsible for taxation in
Do I Need a Ketchikan, Alaska Attorney?
If you wish to set up a charitable trust, you should consult with the organization directly. They often know the easiest way to direct any charitable giving to their organization. You should also speak with a good trusts and estates attorney in Ketchikan, Alaska, who can help ensure that your intentions are carried out.