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.