Charitable Giving in Lowell, Massachusetts

Find the right Charitable Giving attorney in Lowell, MA

In Lowell, Massachusetts, "charitable giving" involves giving money or property to an individual or organization, expecting nothing directly in return.

In general, it's extremely easy to make a charitable donation to a cause you want to help. Whether it contains writing a huge check, or dropping spare change in a donation jar, a huge majority of charitable gifts are made simply by giving money away, with no intermediary or other complicated legal arrangements.

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.

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 transferring the money or property directly to the charity, through a provision in your will.

Charitable Trusts in Lowell, Massachusetts

A charitable trust is an arrangement through which some amount of money or property is directed to a charity after the donor's death, or throughout their life.

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.

In Lowell, Massachusetts, a "charitable remainder trust" is the most frequent kind of charitable trust. This authorizes the money or property to immediately pass to the charity of the donor's choice, so they can benefit from it as soon as possible. The charity takes the money, and invests it (typically in reliable, but not necessarily high-yield, investments). They keep most of the income that this generates, but return a portion of it to the donor on a regular basis, for a set period of time. When this time runs out, the original donation, along with all the income it will produce, becomes the legal property of the charity, to dispose of as it pleases.

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 Lowell, Massachusetts Attorney?

When attempting to create a charitable trust, or make another charitable donation, the first thing you should do is discuss this with the organization you want to make the donation to. They will probably be able to advise you on how to donate your money in the way that will be most useful to them. And, of course, you should speak with an attorney in Lowell, Massachusetts, who will normally be able to make the process much easier.

Talk to a Wills, Trusts and Estates Law Attorney now!

Life in Lowell

Lowell, Massachusetts is the fourth largest city in the state with a population of over 106,000. Along with Cambridge, Lowell serves as the county seat for Middlesex County. Lowell is most famous for being "the birthplace of the industrial revolution" within the U.S. It was the first U.S. city to have phone numbers, and Alexander Graham Bell once demonstrated the telephone in Lowell.

The city offers many of the amenities of a large city, while at the same time maintaining a small-town culture. Neighborhoods in Lowell, Massachusetts proudly display historic homes in a variety of styles, such as Colonials, Capes, Ranches, and Victorians. Lowell is also one of the oldest cities in the state and has produced many outstanding figures in American history, such as author Jack Kerouac and entertainer Ed McMahon.

In addition to preserving its rich history, Lowell is known for constantly employing new technologies and innovations. For example, the city is home to Lowell Telecommunications, which is a dynamic, evolving community media center. The Revolving Museum is another facility that offers public art exhibits and educational programs. Lowell's focus on economic and business development has provided the community with ample opportunities for progress and advancement.

Many lawyers in Lowell, Massachusetts work closely with the Lowell District Court. Lowell lawyers offer legal services in many different fields to cover the needs of the community. Lowell is known for being host to a large number of civic service organizations, which many lawyers are active in.

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