In Kendallville, 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.
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 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 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 want to make a donation that's effective after your death, there are a few ways to do this. The most frequent method is also the simplest: leaving the charity whatever property you want to give to it in your will - this is known as a "testamentary gift."
Charitable Trusts in Kendallville, Indiana
A charitable trust is an arrangement by which a large amount of money can be given to a charity after the death of the donor, or during the donor's life.
In a charitable trust, the money that is donated is still legally owned by the donor. But this is largely a formality, as the charity gets possession and control over the money. The charity is then free to use that money, but only for the purposes laid out in the trust instrument.
The most frequent type of Kendallville, Indiana charitable trust is recognized as a "charitable remainder trust." Under this arrangement, some of your money or property is given 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.
You should make sure the charity is registered with the Internal Revenue Service, and (if applicable) the taxation authority of .
Do I Need a Kendallville, Indiana 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 accomplished attorney in Kendallville, Indiana, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.