Charitable Giving in Bloomington, Indiana

Find the right Charitable Giving attorney in Bloomington, IN

In Bloomington, Indiana, "charitable giving" involves transferring money or property to an individual or organization, expecting nothing directly in return.

In life, charitable giving usually simply involves writing a check or handing cash over to the charitable organization of the donor's choice.

Some generous donors will sometimes give practically everything they own to charity. This is a wonderful thing to do, but it's not really practical - after all, just about everybody has bills to pay. One solution to this is to put off such a generous donation until after death. This allows the donor to meet their obligations during life, while having the satisfaction of knowing that a cause they care about will be given a large amount of help after their death.

There are many ways you can donate some or all of your property or money to a charity after your death, if you wish to do so. Direct testamentary gifts are the most common and the most simple way to accomplish this. A testamentary gift simply entails giving the money or property directly to the charity, through a provision in your will.

Charitable Trusts in Bloomington, Indiana

Charitable trusts are usually 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 generally only allowed to use the money to advance their organization's charitable mission.

The most common type of Bloomington, Indiana charitable trust is known as a "charitable remainder trust." Under this arrangement, some of your money or property is directed to your charity of choice. The charity then invests the money, while giving a percentage of the income generated by these investments to you or a beneficiary of your choice, for a determinate period of time. Once this time is up, ownership of the original fund transfers to the charity.

If you wish to set up a charitable trust in you should check with the IRS and equivalent state agencies to confirm that the charity you want to help is registered with them. This will help make sure that your money is utilized for a good cause (and not to line somebody's pockets) and that your contribution will be tax-deductible.

Do I Need a Bloomington, Indiana 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 Bloomington, Indiana attorney, who can help iron out the more technical details.

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Life in Bloomington

Bloomington has been named a Tree City for more than 20 years and serves as the seat of Monroe County. Home to more than 70,000 Indiana residents, Bloomington plays host to a number of institutions of higher learning like Indiana University School of Law, Jacobs School of Music, and the Midwest Proton Radiotherapy Institute. Bloomington is also home to a number of experienced lawyers. Bloomington lawyers are licensed to practice through out the state and helped work on the movie Breaking Away which was filmed in Bloomington. It featured local quarries and a reenactment of Indiana University's Little 500 bicycle race.

Citizens and visitors of Bloomington are offered a thriving arts and cultural scene. Amateur theater companies like the University of Indiana Department of Theater and Drama, Bloomington Playwrights Project, and Theater of the People. Many performances are done at the famous Buskirk-Chumleuy Theater, a 616 seat vaudeville and movie house that was erected in 1922 and known locally as the "Indiana Theater." Many folks also frequent the happening music scene in Bloomington which hosts a large folk punk rock following. Bloomington is a popular concert tour stop for bands and fans come from around the nation to see their favorites play. 

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