Charitable Giving in Elkhart, Indiana

Find the right Charitable Giving attorney in Elkhart, IN

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

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

Some generous donors will sometimes give virtually everything they own to charity. This is a wonderful thing to do, but it's not really practical - after all, just about everyone 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 assistance after their death.

There are many ways to give a charitable gift that does not take effect until after the donor dies. The easiest and least complicated way to do this is a simple testamentary gift in a will - wherein a particular amount of the donor's money is transferred to the charity upon the donor's death.

Charitable Trusts in Elkhart, Indiana

A charitable trust is an arrangement through which some amount of money or property is given to a charity after the donor's death, or during their life.

The money is still technically owned by the donor, but the charity, serving as a trustee, has the right to use it for charitable purposes, with the exact scope of this right having been laid out in the trust agreement.

In Elkhart, Indiana, a "charitable remainder trust" is the most common kind of charitable trust. This authorizes 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 (typically 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.

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

Do I Need a Elkhart, Indiana 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 Elkhart, Indiana, who will normally be able to make the process much easier.

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

Life in Elkhart

Elkhart, Indiana is a city located in Elkhart County, just south of the Illinois border. As of the 2000 Census, it has a population of about 52,000 people. Until the early 1800s, the area now known as Elkhart was mainly populated by various American Indian tribes, including the Ottawa, Chippewa, and Potawatomi. In 1829, settlers established the village of Pulaski, which consisted of little more than a post office, a saw mill, and a few homes. Modernly, Elkhart, Indiana is known as a major center for a niche industry: the manufacture of musical instruments. Several such manufacturers have set up shop in Elkhart, and have, since the early 20th Century, made up a major portion of the city's industrial base. It is also home to a highly specialized sector of the auto industry - the manufacture of recreational vehicles (RVs). Sadly, because Elkhart, Indiana's industrial base was focused largely on the manufacture of luxury items (musical instruments, RVs, etc.), its economy was particularly hard-hit by the recent economic decline experienced by the U.S., along with most of the industrialized world. However, as the economy begins to look up, with manufacturing increasing, Elkhart, Indiana has plenty of reasons for hope. If you live in or near Elkhart, Indiana, and are facing a legal issue, chances are excellent that an Elkhart, Indiana lawyer can help. Elkhart, Indiana lawyers are experienced in many diverse areas of law. There is almost certainly an Elkhart, Indiana lawyer who can help you.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Regel B.
Regel B.

Wills, Trusts and Estates

Caldwell, LA

Brad M.
Brad M.

Wills, Trusts and Estates

Sussex, NJ

David L.
David L.

Wills, Trusts and Estates

Ashland, OH

Gotham Light