In Hays, Kansas, "charitable giving" involves donating money or property to an individual or organization, expecting nothing directly in return.
The vast majority of charitable gifts are made using the most simple method permitted: giving the gift to the intended beneficiary.
Some people want to give a larger percentage of their assets to a charitable organization than would be feasible during life, so they formulate some type of arrangement under which the money will be transferred upon the donor's 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 Hays, Kansas
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 initially established the trust.
The most typical type of Hays, Kansas charitable trust is identified 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.
Wanting to help a charitable cause is, of course, a good thing. Nonetheless, some people seek to take advantage of our good intentions through fraudulent charities. If you want to help ensure that any money you donate to an organization is directly used for a charitable cause, and that your donation will be tax-deductible, you should check to see that the organization is truly tax-exempt. You can find this information from the IRS and/or the agency accountable for taxation in
Do I Need a Hays, Kansas 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 efficient attorney in Hays, Kansas, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.