Charitable Giving in Kalamazoo, Michigan

Find the right Charitable Giving attorney in Kalamazoo, MI

In Kalamazoo, Michigan, "charitable giving" involves giving 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 permitted: 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 formulate 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 frequent 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 Kalamazoo, Michigan

Charitable trusts are normally used for very large donations, and can be made 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 kind of charitable trust in Kalamazoo, Michigan is a charitable remainder trust. This authorizes 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 normally 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 complete ownership of the original fund.

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 Kalamazoo, Michigan 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 confirm 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 Kalamazoo, Michigan attorney, who can help iron out the more technical details.

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

Life in Kalamazoo

Kalamazoo is located in Kalamazoo County. Specifically it is located in the southwestern part of Michigan. It is home to approximately 326,589 people.

Some popular sites include the Kalamazoo Institute of Arts, Kalamazoo Valley Museum, Hickory Corners, Gilmore Car Museum, the Kalamazoo Air Zoo, the New Vic Theatre, Barn Theatre, the Gibson Guitar Corporation, and Wings Stadium.

Some of the top employers are the health care system and school district. Kalamazoo is also home to three local breweries and that employ many residents. With small businesses around, naturally the city is also home to attorneys there to provide legal support. Kalamazoo is home to many attorneys who work in law offices and firms that practice in many areas of law. Therefore, residents can remain rest assured, because any and every legal need of theirs can easily be taken care of.

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