Charitable giving in Columbia, Connecticut 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 feasible: giving the gift to the intended beneficiary.

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 Columbia, Connecticut

A charitable trust is an arrangement through which some amount of money or property is directed to a charity after the donor's death, or throughout their life.

The money is still technically owned by the donor, but the charity, serving as a trustee, has the authority to use it for charitable purposes, with the exact scope of this right having been laid out in the trust agreement.

In Columbia, Connecticut, 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.

You should make sure the charity is registered with the Internal Revenue Service, and (if applicable) the taxation authority of .

Do I Need a Columbia, Connecticut 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 accomplished attorney in Columbia, Connecticut, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.