Charitable Giving in West Hollywood, California

Find the right Charitable Giving attorney in West Hollywood, CA

Charitable giving in West Hollywood, 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 possible: giving the gift to the intended beneficiary.

Some generous donors will sometimes give virtually everything they own to charity. This is a wonderful thing to do, but it's not really practical - after all, just about everyone has bills to pay. One solution to this is to put off such a generous donation until after death. This allows the donor to meet their obligations during life, while having the satisfaction of knowing that a cause they care about will be given a large amount of assistance after their death.

There are many ways to give a charitable gift that does not take effect until after the donor dies. The easiest and least intricate way to do this is a simple testamentary gift in a will - wherein a specific amount of the donor's money is transferred to the charity upon the donor's death.

Charitable Trusts in West Hollywood, California

Legal arrangements identified 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 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 West Hollywood, 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.

Most charitable donations are deductible from your state and federal taxable income. However, in order for your donations to count, the charity should be registered with the IRS and equivalent institution in .

Do I Need a West Hollywood, California Attorney?

If you wish to set up a charitable trust, you should consult with the organization directly. They frequently know the easiest way to direct any charitable giving to their organization. You should also speak with a knowledgeable trusts and estates attorney in West Hollywood, California, who can help ensure that your intentions are carried out.

Talk to a Wills, Trusts and Estates Law Attorney now!

Life in West Hollywood

West Hollywood neighbors Beverly Hills and is a well-known area to many all over the United States. Many celebrities live in and/or work in the area, and therefore the Paparazzi are constantly referring to West Hollywood in their news reports.

Many may not know, but West Hollywood has some landmarks and unique locations. West Hollywood is home to the Sunset Marquis Hotel, a place known for its Whisky Bar and recording studio. Melrose Avenue is also located in West Hollywood, and was the main location for the popular 90's show Melrose Place. West Hollywood is also home to the famous Sunset Boulevard, filled with great shopping, dining, and nightlife. Sunset Boulevard was also home to Frank Sinatra, Errol Flynn, John Wayne and Howard Hughes.

Popular attractions in West Hollywood include musical venues such as the House of Blues, Whisky a Go Go, the Viper Room, and the Roxy Theatre. Other popular attractions include Westlake Recording Studios, Samuel Goldwyn Studios, Plummer Park, Sierra Towers, the Standard Hotel, Pacific Design Center, The Schindler House, Smashbox Studios and TMZ on TV.

Los Angeles being home top-tier law schools and firms attracts some of the most brilliant attorneys in the United States. Therefore residents of West Hollywood have no trouble finding a good lawyer because there are many to choose from!

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