In Chanhassen, Minnesota, "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, however, may be especially dedicated to a certain cause, giving rise to a desire to donate a very large percentage of their assets to it. However, during life, this is frequently infeasible, since people have their own expenses that they have to cover. Therefore, people often put off this donation until after their death.
There are many arrangements permitting you to donate some or all of your assets to a charitable cause after your death, but direct testamentary gifts (simply leaving money in your will to the charity of your choice) are the most frequent.
Charitable Trusts in Chanhassen, Minnesota
Charitable trusts are normally 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 authority to use it for charitable purposes, with the exact scope of this right having been laid out in the trust agreement.
In Chanhassen, Minnesota, a "charitable remainder trust" is the most typical kind of charitable trust. This authorizes the money or property to immediately pass to the charity of the donor's choice, so they can benefit from it as soon as possible. The charity takes the money, and invests it (typically in reliable, but not necessarily high-yield, investments). They keep most of the income that this generates, but return a portion of it to the donor on a regular basis, for a set period of time. When this time runs out, the original donation, along with all the income it will produce, becomes the legal property of the charity, to dispose of as it pleases.
You should make sure the charity is registered with the Internal Revenue Service, and (if applicable) the taxation authority of .
Do I Need a Chanhassen, Minnesota 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 Chanhassen, Minnesota, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.