In Haysville, Kansas, "charitable giving" involves transferring 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 common 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 Haysville, Kansas

Charitable trusts are usually used for very large donations, and can be made 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).

The most common kind of charitable trust in Haysville, Kansas is a charitable remainder trust. This allows you to give as much money or property as you want to a charity. The money is then invested by the charity. The investments are usually fairly conservative, sacrificing large returns for security. The charity then returns a portion of these returns to the donor, or another person named by the donor, while keeping the rest. This lasts for a set period of time, at the end of which the charity gets complete ownership of the original fund.

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 Haysville, Kansas 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 Haysville, Kansas attorney, who can help iron out the more technical details.