In Roeland Park, Kansas, "charitable giving" involves giving 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 feasible: 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 implement some type of arrangement under which the money will be transferred upon the donor's death.
If you decide to make a sizable donation to a charity that will not really occur until after your death, the easiest (and most largely-used) method is to simply leave the desired amount of money or property to the charitable organization in your will.
Charitable Trusts in Roeland Park, Kansas
Charitable trusts are normally used for very large donations, and can be made during the donor's life, or after their death.
The money is still technically owned by the donor, but the charity, serving as a trustee, has the authority to use it for charitable purposes, with the exact scope of this right having been laid out in the trust agreement.
The most frequent type of charitable trust in Roeland Park, Kansas is a charitable remainder trust. Under this arrangement, you give a particular 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.
If you wish to set up a charitable trust in you should check with the IRS and equivalent state agencies to confirm that the charity you want to help is registered with them. This will help make sure that your money is utilized for a good cause (and not to line somebody's pockets) and that your contribution will be tax-deductible.
Do I Need a Roeland Park, Kansas Attorney?
Making a substantial charitable donation is a generous and admirable act. Nonetheless, good intentions don't always lead to good results. To guarantee that your donation has the most positive impact possible, you should discuss the matter in detail with representatives of the organization(s) you want to donate to. It might be valuable to have a Roeland Park, Kansas lawyer handle these negotiations on your behalf, since they will likely understand the legal and financial complexities involved.