Charitable giving in Fountain Hills, Arizona is the giving of money or some other asset to a charitable cause.
The simplest way to make a charitable gift is to just give the money or property directly to the organization you want to help.
What if, on the other hand, a donor wishes to give everything they own (or a significant chunk of everything they own) to a charity? This is very generous, of course, but it's rarely possible during life, considering the expenses and commitments we all have. On the other hand, most people don't think they'll be needing their money after they die. Knowing this, many arrangements have been created allowing a person to have as much of their money as they want transferred to a charity of their choice after their death.
There are many ways you can donate some or all of your property or money to a charity after your death, if you wish to do so. Direct testamentary gifts are the most common and the most simple way to accomplish this. A testamentary gift simply entails giving the money or property directly to the charity, through a provision in your will.
Charitable Trusts in Fountain Hills, Arizona
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.
Under a charitable trust, the money going to the charity technically still belongs to the donor. Nonetheless, the charity, acting as a trustee, has power to use it for charitable purposes (what the money can and can't be utilized for should be clearly laid out in the trust).
The most common kind of charitable trust in Fountain Hills, Arizona 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 complete ownership of the original fund.
Wanting to help a charitable cause is, of course, a good thing. Nonetheless, 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 accountable for taxation in
Do I Need a Fountain Hills, Arizona Attorney?
If you want to set up a charitable trust, you should first speak with a representative of the charity you want to support. You should also talk with an experienced attorney in Fountain Hills, Arizona, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.