Charitable Giving in West Hartford, Connecticut

Find the right Charitable Giving attorney in West Hartford, CT

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

In general, it's extremely easy to make a charitable donation to a cause you want to help. Whether it contains writing a huge check, or dropping spare change in a donation jar, a large majority of charitable gifts are made simply by giving money away, with no intermediary or other complicated legal arrangements.

What if, however, you want to give all or most of your assets to a charity, to really make a big difference? This is commonly not practical while the donor is alive, since they presumably have expenses, and want to maintain for themselves the lifestyle to which they're accustomed. However, there are a few arrangements permitting you to have your assets transferred to a charity after your death.

There are many arrangements permitting you to donate some or all of your assets to a charitable cause after your death, but direct testamentary gifts (simply leaving money in your will to the charity of your choice) are the most frequent.

Charitable Trusts in West Hartford, Connecticut

Charitable trusts are normally used for very large donations, and can be made during the donor's life, or after their 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.

The most frequent type of charitable trust in West Hartford, Connecticut is a charitable remainder trust. Under this arrangement, you give a particular 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.

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 West Hartford, 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 ensure 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 West Hartford, Connecticut attorney, who can help iron out the more technical details.

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Life in West Hartford

West Hartford is a Connecticut town located in Hartford County. It has a population of about 64,000 people and was officially incorporated in 1854. It has consistently been ranked as one of the top cities to live in by magazines such as CNN Money and Kiplinger's Personal Finance. West Hartford has been described as a "vacation-worthy" hot spot, as the city features many cutting-edge shopping destinations and restaurants.

For example, some popular destinations in West Hartford include Blue Black Square, Elizabeth Park, Westfarms Mall, and West Hartford Center. West Hartford Center is considered to be the hub or center of the West Hartford community. It has been a gathering place for city residents since the late 17th century.

In addition to West Hartford's thriving economic scene, the city boasts a number of colleges and universities. These include the University of Connecticut Greater Hartford Campus, Saint Joseph College, and the University of Hartford. Notable West Hartford residents have included NBA player Manute Bol and actor John O'Hurley (Peterman from the "Seinfeld" television series).

Lawyers in West Hartford, Connecticut typically assist their clients at the Hartford County Superior Court. Many West Hartford lawyers further contribute to the community through such organizations as the Hartford County Bar Association.

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