Charitable Giving in Needham, Massachusetts

Find the right Charitable Giving attorney in Needham, MA

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

In general, it's quite easy to make a charitable donation to a cause you want to help. Whether it includes writing a huge check, or dropping spare change in a donation jar, a large majority of charitable gifts are made simply by giving money away, with no intermediary or other intricate 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 establish 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 donating the money or property directly to the charity, through a provision in your will.

Charitable Trusts in Needham, Massachusetts

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 first appointed the trust.

The most customary kind of charitable trust in Needham, Massachusetts is a charitable remainder trust. This permits 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 typically 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 full ownership of the original fund.

Most charitable donations are deductible from your state and federal taxable income. However, in order for your donations to count, the charity should be registered with the IRS and equivalent institution in .

Do I Need a Needham, Massachusetts 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 Needham, Massachusetts, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.

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

Life in Needham

Needham, Massacheutts is considered one of the more desireable suburbs of the state's capital of Boston because of the great school system, thriving professional community, and strong sense of community that Needham fosters in its 30,000 residents. Originally founded in 1680, Needham was a rather unsuccessful farming community before realizing success in other industries. There is still some colonial charm in the city-- it still governs itself with a representative town meeting. With only one public high school and middle school, the small town feel is also felt in the city's education. A commuter suburb of Boston, many successful professionals have also set-up office in Needham. For instance,Needham is home to a packing plant for popular market chain Trader Joes. In addition to great supermarkets,Needham also has great lawyers. Lawyers specializing in a range of legal practices are available to help their fellow citizen with any issue he or she may find find themselves confronted with.

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