Charitable Giving in Duluth, Minnesota

Find the right Charitable Giving attorney in Duluth, MN

In Duluth, Minnesota, "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, 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. So, people often put off this donation until after their 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 Duluth, Minnesota

A charitable trust is an arrangement by which a large amount of money can be directed to a charity after the death of the donor, or during the donor's life.

In a charitable trust, the money that is donated is still legally owned by the donor. But this is largely a formality, as the charity receives possession and control over the money. The charity is then free to use that money, but exclusively for the purposes laid out in the trust instrument.

If a person decides to set up a charitable trust in Duluth, Minnesota, 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.

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 Duluth, Minnesota 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 Duluth, Minnesota attorney, who can help iron out the more technical details.

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

Life in Duluth

Duluth, Minnesota is the fourth-larges city in the state, with a population of about 85,000. It is the county seat of St. Louis County. It is located on the north shore of Lake Superior, the largest of the Great Lakes.

Various Native American tribes have lived in the area now known as Duluth for thousands of years. The first permanent European settlement of Duluth was established in 1852, and discovery of significant deposits of copper and iron led to a land rush, creating rapid population growth.

Around the same time, newly-build channels linking the Great Lakes to the Atlantic Ocean allowed for large ships to access Duluth, further promoting economic growth.

During the first half of the 20th Century, Duluth, Minnesota underwent a major industrial boom, becoming an important center for steel manufacturing. However, by the 1970s, foreign competition began to seriously weaken the U.S. steel industry, leading to the closure of one of the major steel plants in the area.

More recently, Duluth, Minnesota has, with a good amount of success, transitioned into a tourism-based economy.

If you live in or near Duluth, Minnesota, chances are you can find a good lawyer for whatever legal problem you might have. Duluth, Minnesota lawyers are able to handle just about any case that walks through their door.

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