In Walled Lake, 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 allowed: handing the money or property they wish to donate over to the individual or group they want to help.
Some people want to give a larger percentage of their assets to a charitable organization than would be feasible during life, so they establish some type of arrangement under which the money will be transferred upon the donor's death.
If you decide to make a sizable donation to a charity that will not actually occur until after your death, the easiest (and most normally-used) method is to simply leave the desired amount of money or property to the charitable organization in your will.
Charitable Trusts in Walled Lake, Michigan
Charitable trusts are usually used for very large donations, and can be made 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 power to use it for charitable purposes, with the exact scope of this right having been laid out in the trust agreement.
The most common kind of charitable trust in Walled Lake, Michigan is a charitable remainder trust. This allows 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 usually 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 full ownership of the original fund.
If you wish to set up a charitable trust in you should check with the IRS and equivalent state agencies to ensure that the charity you want to help is registered with them. This will help make sure that your money is used for a good cause (and not to line somebody's pockets) and that your contribution will be tax-deductible.
Do I Need a Walled Lake, Michigan Attorney?
Making a substantial charitable donation is a generous and admirable act. However, good intentions don't always lead to good results. To ensure that your donation has the most positive impact possible, you should discuss the matter in detail with representatives of the organization(s) you want to donate to. It might be helpful to have a Walled Lake, Michigan lawyer handle these negotiations on your behalf, since they will likely understand the legal and financial complexities involved.