Charitable Giving in Daly City, California

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Charitable giving in Daly City, 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 feasible: giving the gift to the intended beneficiary.

What if, however, you want to give all or most of your assets to a charity, to really make a big difference? This is frequently not practical while the donor is alive, since they presumably have expenses, and want to maintain for themselves the lifestyle to which they're accustomed. Luckily, there are a few arrangements authorizing you to have your assets transferred to a charity after your death.

If you decide to make a sizable donation to a charity that will not directly 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 Daly City, California

A charitable trust is an arrangement by which a large amount of money can be directed to a charity after the death of the donor, or during the donor's life.

In a charitable trust, the property is still technically owned by the donor, but the recipient retains possession and control over it. As the trustee, the charity is free to use the money for any purpose laid out in the trust agreement. With a charitable trust, trustees are usually only permitted to use the money to advance their organization's charitable mission.

If a person decides to set up a charitable trust in Daly City, California, they typically set up a "charitable remainder trust," since this is usually beneficial to both the donor (or their estate) as well as the charity. The operation of this type of trust is fairly simple: at a set time (typically the donor's death) the property that the donor wants to give to the charity is handed over, and the charity invests it. The charity benefits by getting to keep most of the money that these investments generate. The donor benefits because they also get a percentage of this income, for a period of time laid out in the trust agreement. Afterwards, the recipient of the donation gets it free and clear.

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 create a charitable trust, you should first talk with someone in charge of the charitable organization you wish to help. They will be able to assist you in setting up the trust, or advise you of their preferred method of donation. This will help you confirm that your donation is as effective in helping the charity as it can possibly be. It is also a good idea to speak with a Daly City, California attorney, who can help iron out the more technical details.

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

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Life in Daly City

Daly City, California is a city in San Mateo County. It has a population of about 102,000 people. 

Daly City was founded in the 1770s, when the Spanish first settled California. Later, when Mexico gained independence from Spain, the area now known as Daly City was part of Mexico, until Mexico lost California in the Mexican-American War. It got its current name in the late 1800s, and is named after John Daly, a prominent local businessman and landowner. Daly City, California is known for being one of the only cities in the United States in which a majority of the population is Asian-American.

The economy of Daly City, California is largely based on healthcare, public education, retail, and services. Most of the professionals who live in Daly City, such as lawyers, work in the larger cities nearby. However, there are still many lawyers who practice within Daly City, and specialize in serving Daly City residents.

If you live in Daly City and are in need of legal services, it's almost certain that there is a Daly City, California attorney who can help.

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