Charitable giving in La Puente, California is the transferring 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.
What if, however, you want to give all or most of your assets to a charity, to really make a big difference? This is commonly 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. However, there are a few arrangements permitting you to have your assets transferred to a charity after your death.
There are many ways to give a charitable gift that does not take effect until after the donor dies. The easiest and least complicated way to do this is a simple testamentary gift in a will - wherein a particular amount of the donor's money is transferred to the charity upon the donor's death.
Charitable Trusts in La Puente, California
Legal arrangements recognized 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.
In a charitable trust, the money that is donated is still legally owned by the donor. But this is largely a formality, as the charity gets possession and control over the money. The charity is then free to use that money, but only for the purposes laid out in the trust instrument.
The most frequent type of charitable trust in La Puente, California is a charitable remainder trust. Under this arrangement, you give a particular amount of money or property to a charity. The charity then invests this money, giving you or a named beneficiary a portion of the income generated from these investments for a set amount of time. Once this expires, the money that was initially invested goes to the charity, free and clear.
Obviously, if you want to help a good cause, you want to make sure that any charity you donate to is legitimate. Sadly, there are quite a few fraudulent charities out there. The best way to do this is to check and make sure that the charity is registered as a tax-exempt organization with the IRS, and the tax authorities in
Do I Need a La Puente, California Attorney?
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 ensure 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 La Puente, California attorney, who can help iron out the more technical details.