In Wellington, 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 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.

There are many ways to give a charitable gift that does not take effect until after the donor dies. The simplest and least intricate way to do this is a simple testamentary gift in a will - wherein a specific amount of the donor's money is transferred to the charity upon the donor's death.

Charitable Trusts in Wellington, Kansas

Legal arrangements identified as "charitable trusts" are also utilized to give large amounts of money to charity. It can be used to make the gift quickly, or it can be set to take effect after the donor's 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 Wellington, Kansas, they typically 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 (typically 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.

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 Wellington, Kansas Attorney?

If you wish to set up a charitable trust, you should consult with the organization directly. They frequently know the simplest way to direct any charitable giving to their organization. You should also speak with a reliable trusts and estates attorney in Wellington, Kansas, who can help ensure that your intentions are carried out.