Charitable Giving in Farmington Hills, Michigan

Find the right Charitable Giving attorney in Farmington Hills, MI

In Farmington Hills, Michigan, "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 huge majority of charitable gifts are made simply by giving money away, with no intermediary or other complex legal arrangements.

What if, on the other hand, a donor wishes to give everything they own (or a significant chunk of everything they own) to a charity? This is very generous, of course, but it's rarely possible during life, considering the expenses and commitments we all have. On the other hand, most people don't think they'll be needing their money after they die. Knowing this, many arrangements have been created allowing a person to have as much of their money as they want transferred to a charity of their choice after their 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 giving the money or property directly to the charity, through a provision in your will.

Charitable Trusts in Farmington Hills, Michigan

Charitable trusts are arrangements that involve handing possession (but not necessarily ownership) of money or property over to a charity, either during the donor's life, or after their 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 Farmington Hills, Michigan 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.

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 Farmington Hills, Michigan 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 Farmington Hills, Michigan, who will usually be able to make the process much easier.

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

Life in Farmington Hills

Farmington Hills is located in southeastern Michigan. It is hte largest city in Michigan's Oakland County. Per the 2010 census, the population is around 79.740 people. Farmington Hills is known as an upscale area, and is also located very near the affluent area of Ann Arbor.

The top employers include Botsford Hospital, the school district, Bosch, Quicken Loans, Gale, TD Auto Finance, Aditya Birla Minacs, TRW Automotive Electronics, ACO Hardware, and Nissan Technical Center North America.

Farmington Hills is also home to some attorneys who residents often turn to for thier legal needs. Ann Arbor is also home to many law firms that practice in almost all areas of law, that train their attorneys to always litigate and act in the best interest of their clients.

Some famous residents include Steve Ballmer, Keith Benson, Elizabeth Berkley, Cam Fowler, Al Jean, Bill Joy, Drew Stanton, Fred Toucher, and Fred M. Warner.

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