Charitable Giving in Wilmington, North Carolina

Find the right Charitable Giving attorney in Wilmington, NC

In Wilmington, North Carolina, charitable giving is when a person transfers something to an organization or individual, without consideration (getting something directly in return). This is for the purpose of advancing some type of cause, helping people in need, or any other altruistic motive.

The simplest way to make a charitable gift is to just give the money or property directly to the organization you 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 formulate some type of arrangement under which the money will be transferred upon the donor's death.

There are many ways to give a charitable gift that does not take effect until after the donor dies. The simplest and least intricate way to do this is a simple testamentary gift in a will - wherein a specific amount of the donor's money is transferred to the charity upon the donor's death.

Charitable Trusts in Wilmington, North Carolina

Charitable trusts are arrangements that involve handing possession (but not always 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 customary kind of charitable trust in Wilmington, North Carolina is a charitable remainder trust. This permits 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 typically 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.

If you wish to set up a charitable trust in you should check with the IRS and equivalent state agencies to confirm that the charity you want to help is registered with them. This will help make sure that your money is utilized for a good cause (and not to line somebody's pockets) and that your contribution will be tax-deductible.

Do I Need a Wilmington, North Carolina Attorney?

Making a substantial charitable donation is a generous and admirable act. Nonetheless, good intentions don't always lead to good results. To guarantee 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 advantageous to have a Wilmington, North Carolina lawyer handle these negotiations on your behalf, since they will likely understand the legal and financial complexities involved.

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

Life in Wilmington

Wilmington is in New Hanover County, North Carolina. It is the eighth most populated city in the state, with a population of 362,315 people. It was named after Spencer Compton, the Prime Minister under King George II. Also, in 2003 the city was recognized as "A Coast Guard City" by the United States Congress.

Some popular attractions are Airlie Gardens, Cape Fear Serpentarium, North Carolina Aquarium, Screen Gems Studios, USS North Carolina Battleship Museum, Thalian Hall Center for the Performing Arts, and Fourth Friday Gallery Nights.

Top employers of the city include Corning, Verizon Wireless, General Electric, and Pharmaceutical Product Development.

Wilmington is also home to many law firms and law offices that train excellent attorneys to handle any and every legal inquiry.

Famous residents include Sophia Bush, Chelsea Cooley, Alge Crumpler, Roman Gabriel, Joseph Gallison, Ed Hinton, Jana Kramer, James Lafferty, and Trot Nixon.

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