Charitable giving in Milford, Connecticut 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.
What if, on the other hand, a donor wishes to give everything they own (or a substantial chunk of everything they own) to a charity? This is quite 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 authorizing 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 directly occur until after your death, the easiest (and most commonly-used) method is to simply leave the desired amount of money or property to the charitable organization in your will.
Charitable Trusts in Milford, Connecticut
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.
While the money, for a time at least, is still technically owned by the donor, it is possessed and controlled by the charity, which acts as a trustee. The trustee is then able to use the money for the charitable purposes which have been laid out in the agreement that first created the trust.
The most prevalent type of charitable trust in Milford, Connecticut is a charitable remainder trust. Under this arrangement, you give a specific amount of money or property to a charity. The charity then invests this money, giving you or a named beneficiary a portion of the income generated from these investments for a set amount of time. Once this expires, the money that was initially invested goes to the charity, free and clear.
Obviously, if you want to help a good cause, you want to make sure that any charity you donate to is legitimate. Sadly, there are quite a few fraudulent charities out there. The best way to do this is to check and make sure that the charity is registered as a tax-exempt organization with the IRS, and the tax authorities in
Do I Need a Milford, 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 efficient attorney in Milford, Connecticut, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.