Charitable Giving in Elizabeth, New Jersey

Find the right Charitable Giving attorney in Elizabeth, NJ

In Elizabeth, New Jersey, charitable giving is when a person gives 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.

In general, it's very easy to make a charitable donation to a cause you want to help. Whether it involves writing a huge check, or dropping spare change in a donation jar, a large majority of charitable gifts are made simply by giving money away, with no intermediary or other complex legal arrangements.

Some people want to give a larger percentage of their assets to a charitable organization than would be feasible during life, so they create some type of arrangement under which the money will be transferred upon the donor's 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 Elizabeth, New Jersey

Legal arrangements known as "charitable trusts" are also used to give large amounts of money to charity. It can be used to make the gift immediately, or it can be set to take effect after the donor's death.

While the money, for a time at least, is still technically owned by the donor, it is possessed and controlled by the charity, which acts as a trustee. The trustee is then able to use the money for the charitable purposes which have been laid out in the agreement that first created the trust.

The most common kind of charitable trust in Elizabeth, New Jersey 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.

You should make sure the charity is registered with the Internal Revenue Service, and (if applicable) the taxation authority of .

Do I Need a Elizabeth, New Jersey 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 experienced attorney in Elizabeth, New Jersey, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.

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

Life in Elizabeth

Elizabeth, New Jersey is located in Union County and has a population of over 124,000 people. Elizabeth is the 4th largest city in New Jersey and also serves as the county seat for Union County. In 2008, Popular Science Magazine rated Elizabeth, New Jersey as one of the 50 Greenest Cities in America. It is also one of the nation's oldest cities, being founded in the year 1655 and incorporated in March of 1855.

The city of Elizabeth, New Jersey is a unique combination of business and residential developments. A few examples of Elizabeth's major employers include Bayway Refinery and Newark Liberty International Airport. The Jersey Gardens outlet mall and the Elizabeth Center also generate large amounts of revenue.

Elizabeth, New Jersey is filled with U.S. historical landmarks. Residents and tourists can learn about American history at places such as Liberty Hall Museum. Liberty Hall is a historic mansion built in 1772 by William Livingston, one of the signers of the U.S. Constitution. Many notable U.S. persons were born and raised in Elizabeth, such as author Judy Blume and Poet Joe Weil.

Lawyers in Elizabeth, New Jersey offer assistance for a variety of legal matters and issues. The Union County Courthouse Complex is located in Elizabeth. Many Elizabeth attorneys resolve legal disputes at the courthouse.

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