Charitable Giving in Meriden, Connecticut

Find the right Charitable Giving attorney in Meriden, CT

Charitable giving in Meriden, 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 Meriden, Connecticut

Legal arrangements recognized as "charitable trusts" are also utilized to give large amounts of money to charity. It can be used to make the gift quickly, 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 typically only authorized to use the money to advance their organization's charitable mission.

If a person decides to set up a charitable trust in Meriden, Connecticut, they normally 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 (normally 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.

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

Do I Need a Meriden, Connecticut 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 confirm 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 Meriden, Connecticut attorney, who can help iron out the more technical details.

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

Life in Meriden

Meriden, Connecticut is a city in New Haven County. It currently has a population of about 60,000 people.

Meriden, which was originally part of Wallingford, became a separate city in 1727, and was incorporated in 1867. During the Industrial Revolution, Meriden earned the nickname "The Silver City," because it was a major center for the manufacture of silver products. The Parker Brothers gun company was founded in Meriden, and the manufacture of firearms during the Civil War and Spanish-American war was a major source of factory jobs in the area. The gun companywas not affiliated with the toy and game company of the same name.

Like many cities whose economies were based on manufacturing, Meriden has fallen on hard economic times in recent decades, with the closing of many of the factories that drove its economy. However, as with most of these cities, Meriden's economy is gradually recovering and diversifying.

Meriden, Connecticut lawyers are ready to handle virtually any case that a resident of the area is likely to face. If you have any legal issue, you shouldn't hesitate to call a Meriden, Connecticut lawyer.

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