In Menominee, 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 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.
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 transferring the money or property directly to the charity, through a provision in your will.
Charitable Trusts in Menominee, Michigan
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 kind of charitable trust in Menominee, 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 Menominee, Michigan Attorney?
If you want to set up a charitable trust, you should first speak with a representative of the charity you want to support. You should also talk with an accomplished attorney in Menominee, Michigan, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.