Charitable Giving in South Bend, Indiana

Find the right Charitable Giving attorney in South Bend, IN

In South Bend, 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.

What if, on the other hand, a donor wishes to give everything they own (or a significant chunk of everything they own) to a charity? This is very generous, of course, but it's rarely possible during life, considering the expenses and commitments 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 allowing a person to have as much of their money as they want transferred to a charity of their choice 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 South Bend, Indiana

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

Under a charitable trust, the money going to the charity technically still belongs to the donor. Nonetheless, the charity, acting as a trustee, has power to use it for charitable purposes (what the money can and can't be utilized for should be clearly laid out in the trust).

If a person decides to set up a charitable trust in South Bend, Indiana, they usually set up a "charitable remainder trust," since this is usually beneficial to both the donor (or their estate) as well as the charity. The operation of this type of trust is fairly simple: at a set time (usually the donor's death) the property that the donor wants to give to the charity is handed over, and the charity invests it. The charity benefits by getting to keep most of the money that these investments generate. The donor benefits because they also get a percentage of this income, for a period of time laid out in the trust agreement. Afterwards, the recipient of the donation gets it free and clear.

Many charitable donations are deductible from your state and federal taxable income. But, in order for your donations to count, the charity should be registered with the IRS and equivalent institution in .

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

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Life in South Bend

South Bend, Indiana is the county seat of St. Joseph County. It has a population of about 101,000 residents and known for being the cultural and economic hub for the "Michiana" region. South Bend's economy consists largely of health care, education, and small business. Many South Bend residents work at the nearby University of Notre Dame.

In addition, South Bend, Indiana is home to many large corporations. These include Honeywell, Crowe Horwath, and AM General. Schurz Communications and Martin's Supermarkets are headquartered in South Bend. Part of South Bend's economic success can be attributed to the city's efforts at improving its telecommunications infrastructure.

The culture of South Bend, Indiana is a unique blend of traditional cultures mixed with modern-day celebrations. Currently, Fat Tuesday and Dyngus Day are still celebrated annually. In particular, the city was infused with many Polish traditions during its early days in the 19th century. The city also hosts a number of large events including the World Pulse Festival and the South Bend Reggae Festival. Popular tourist attractions in South Bend Indiana include the South Bend Museum of Art and the Center for History.

South Bend lawyers offer legal assistance and services in a broad range of fields. Lawyers in South Bend, Indiana often represent their clients at the branch of St. Joseph County Courthouse that operates in the city. A South Bend attorney can represent you if you have questions or issues regarding the city's laws and ordinances.

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