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

Most charitable donors, while they're alive, give their gifts in the simplest way feasible: handing the money or property they wish to donate over to the person or group they want to assist.

Some people want to give a larger percentage of their assets to a charitable organization than would be feasible during life, so they implement some type of arrangement under which the money will be transferred upon the donor's death.

If you want to make a donation that's effective after your death, there are a few ways to do this. The most common method is also the simplest: leaving the charity whatever property you want to give to it in your will - this is known as a "testamentary gift."

Charitable Trusts in Hudsonville, 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.

The money is still technically owned by the donor, but the charity, serving as a trustee, has the authority to use it for charitable purposes, with the exact scope of this right having been laid out in the trust agreement.

If a person decides to set up a charitable trust in Hudsonville, Michigan, they usually set up a "charitable remainder trust," since this is usually beneficial to both the donor (or their estate) as well as the charity. The operation of this type of trust is fairly simple: at a set time (usually the donor's death) the property that the donor wants to give to the charity is handed over, and the charity invests it. The charity benefits by getting to keep most of the money that these investments generate. The donor benefits because they also get a percentage of this income, for a period of time laid out in the trust agreement. Afterwards, the recipient of the donation gets it free and clear.

You should make sure the charity is registered with the Internal Revenue Service, and (if applicable) the taxation authority of .

Do I Need a Hudsonville, 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 Hudsonville, Michigan, who will usually be able to make the process much easier.