Charitable Giving in Waltham, Massachusetts

Find the right Charitable Giving attorney in Waltham, MA

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

In general, it's very easy to make a charitable donation to a cause you want to help. Whether it involves 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 complex 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 to give a charitable gift that does not take effect until after the donor dies. The easiest and least complex way to do this is a simple testamentary gift in a will - wherein a certain amount of the donor's money is transferred to the charity upon the donor's death.

Charitable Trusts in Waltham, Massachusetts

Legal arrangements known as "charitable trusts" are also used to give large amounts of money to charity. It can be used to make the gift immediately, or it can be set to take effect after the donor's death.

In a charitable trust, the property is still technically owned by the donor, but the recipient retains possession and control over it. As the trustee, the charity is free to use the money for any purpose laid out in the trust agreement. With a charitable trust, trustees are generally only allowed to use the money to advance their organization's charitable mission.

The most common type of charitable trust in Waltham, Massachusetts is a charitable remainder trust. Under this arrangement, you give a certain 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.

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 Waltham, Massachusetts 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 ensure 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 Waltham, Massachusetts attorney, who can help iron out the more technical details.

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Life in Waltham

Waltham, Massachusetts has a population of just over 60,000 residents and is located in Middlesex County. The city has historical significance and is considered to play a pivotal role in the labor movement.

Waltham is often nicknamed "Watch City" because of the presence of Waltham Watch Company which has produced over 40 million watches and other time instruments before closing. Waltham also has a great music scene that brings together the community for various events throughout the year. The city is also a great place to be active -- with a 97 out of 100 points on the walkability rating system.

In addition to a good public school education system, Waltham also houses three colleges: Bentley University, Brandeis University, and Center for Digital Imaging Arts. With such an emphasis on learning, it is no surprise that there is such a great professional community in Waltham. Waltham lawyers, for example, are trained at some of the best schools and are skilled in a range of legal issues. From lawyers to accountants to bankers, Waltham is a city that is a great place to work.

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