Charitable Giving in Beverly Hills, California
Charitable giving in Beverly Hills, California is the transferring 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 considerable chunk of everything they own) to a charity? This is extremely 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 permitting a person to have as much of their money as they want transferred to a charity of their choice after their death.
If you decide to make a sizable donation to a charity that will not really occur until after your death, the easiest (and most largely-used) method is to simply leave the desired amount of money or property to the charitable organization in your will.
Charitable Trusts in Beverly Hills, California
Legal arrangements recognized as "charitable trusts" are also utilized to give large amounts of money to charity. It can be used to make the gift quickly, 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 initially formed the trust.
In Beverly Hills, California, a "charitable remainder trust" is the most typical kind of charitable trust. This authorizes 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 (typically 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 produce, becomes the legal property of the charity, to dispose of as it pleases.
Many charitable donations are deductible from your state and federal taxable income. But, in order for your donations to count, the charity should be registered with the IRS and equivalent institution in
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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 accomplished attorney in Beverly Hills, California, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.
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Life in Beverly HillsBeverly Hills, California is located in Los Angeles County and is one of the most affluent cities in the country. The city is famous for being a trendsetter for fashion, beautiful homes, and high-end living. Many celebrities and movie stars live in Beverly Hills. Along with Bel Air and Holmby Hills, it forms part of the "Platinum Triangle" of wealthy L.A. neighborhoods.
The area of Beverly Hills, California is home to a number of Fortune 500 companies, including Platinum Equity and John Paul Mitchell Systems. In addition to major corporate businesses, the economy of Beverly Hills is supported by an abundance of high-end fashion retailers. In particular, Rodeo Drive is a world-famous shopping district filled with cutting-edge fashion boutiques and designer label stores. It is estimated that the operating budget of Beverly Hills, California exceeds $300 million, which is comparable to the Gross National Product for the entire British Virgin Islands.
Beverly Hills is frequently featured in movies and television shows. A few familiar examples include the hit television series Beverly Hills, 90210 and the Beverly Hills Cop movies. Other attractions include the Beverly Hills Hotel (referenced in the Eagles' song "Hotel California"), Walden Drive, and Beverly Gardens Park.
Lawyers in Beverly Hills, California perform legal services to meet the unique needs of the city's residents. Many Beverly Hills lawyers file lawsuits at the West District branch of the Los Angeles Superior Court, located within the city. Attorneys in Beverly Hills represent clients in both general and specific areas of law.