Charitable Giving in Hamden, Connecticut

Find the right Charitable Giving attorney in Hamden, CT

Charitable giving in Hamden, Connecticut is the giving of money or some other asset to a charitable cause.

The vast majority of charitable gifts are made using the most simple method allowed: giving the gift to the intended beneficiary.

What if, on the other hand, a donor wishes to give everything they own (or a significant chunk of everything they own) to a charity? This is very generous, of course, but it's rarely possible during life, considering the expenses and obligations 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 allowing 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 actually occur until after your death, the easiest (and most normally-used) method is to simply leave the desired amount of money or property to the charitable organization in your will.

Charitable Trusts in Hamden, Connecticut

Legal arrangements known 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.

Under a charitable trust, the money going to the charity technically still belongs to the donor. However, the charity, acting as a trustee, has authority to use it for charitable purposes (what the money can and can't be used for should be clearly laid out in the trust).

In Hamden, Connecticut, a "charitable remainder trust" is the most recognized kind of charitable trust. This allows 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 (generally 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 generate, becomes the legal property of the charity, to dispose of as it pleases.

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 Hamden, Connecticut Attorney?

When attempting to establish a charitable trust, or make another charitable donation, the first thing you should do is discuss this with the organization you want to make the donation to. They will probably be able to advise you on how to donate your money in the way that will be most useful to them. And, of course, you should speak with an attorney in Hamden, Connecticut, who will usually be able to make the process much easier.

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

Life in Hamden

The town of Hamden is situated in New Haven County, Connecticut, about halfway between New York and Boston. It has a population of about 58,000 and is a suburb of New Haven city. Hamden is nicknamed "the land of the Sleeping Giant", after the unique Sleeping Giant hill formation located in the more rural northern section of town.

Hamden has been described as a unique blend of both urban and suburban ways of life. This is demonstrated by its outstanding educational resources and its "New England charm". It was listed as #33 on Fortune Magazine's list of "Best Places to Live and Launch".

Besides its residential appeal, Hamden boasts a considerable amount of industry and commercial activities. Major employers in Hamden include Quinnipiac University, Area Cooperative Education Services, and Harborside Health Care. Many residents also enjoy a pleasant commute to neighboring cities such as New Haven.

Lawyers in Hamden are active in both the business community and local government efforts. Hamden, Connecticut lawyers will usually begin their representation of clients by filing at the New Haven Superior Court, which handles a wide range of criminal and civil matters.

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