In Eliot, Maine, "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, however, may be especially dedicated to a certain cause, giving rise to a desire to donate a very large percentage of their assets to it. However, during life, this is frequently infeasible, since people have their own expenses that they have to cover. Therefore, people often put off this donation until after their death.
There are many ways to give a charitable gift that does not take effect until after the donor dies. The simplest and least complicated way to do this is a simple testamentary gift in a will - wherein a particular amount of the donor's money is transferred to the charity upon the donor's death.
Charitable Trusts in Eliot, Maine
Charitable trusts are arrangements that involve handing possession (but not generally ownership) of money or property over to a charity, either during the donor's life, or after their 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).
The most frequent type of Eliot, Maine charitable trust is recognized as a "charitable remainder trust." Under this arrangement, some of your money or property is directed to your charity of choice. The charity then invests the money, while giving a percentage of the income generated by these investments to you or a beneficiary of your choice, for a determinate period of time. Once this time is up, ownership of the original fund transfers to the charity.
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 really used for a charitable cause, and that your donation will be tax-deductible, you should check to see that the organization is really tax-exempt. You can find this information from the IRS and/or the agency accountable for taxation in
Do I Need a Eliot, Maine Attorney?
If you wish to set up a charitable trust, you should consult with the organization directly. They commonly know the simplest way to direct any charitable giving to their organization. You should also speak with a seasoned trusts and estates attorney in Eliot, Maine, who can help ensure that your intentions are carried out.