Charitable Giving in Muncie, Indiana

Find the right Charitable Giving attorney in Muncie, IN

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

In life, charitable giving typically 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 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 want to make a donation that's effective after your death, there are a few ways to do this. The most prevalent 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 Muncie, Indiana

Charitable trusts are arrangements that involve handing possession (but not always ownership) of money or property over to a charity, either during the donor's life, or after their 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 appointed the trust.

The most prevalent type of charitable trust in Muncie, Indiana 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.

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 Muncie, 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 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 Muncie, Indiana attorney, who can help iron out the more technical details.

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

Life in Muncie

Muncie is located in eastern Indiana, in Delaware County. It is known as the home to Ball State University and Ball Corporation. Muncie has a population of around 119,000 people.

Top employers include Wal-mart, Sallie Mae, General Motors, Ball Corporation, Delco Remy, Westinghouse, and Ball Memorial Hospital.

Additionally, Muncie is home to many attorneys who can handle any and every legal need. If a matter is too complex for these attorneys, the residents and corporations in Muncie have Chicago's strong legal force to tend to matters.

Some famous residents include Angelin Chang, Ron Bonham, Bill Dinwiddie, Brandon Gorin, and Bengamin V. Cohen.

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