Charitable Giving in Hackensack, New Jersey

Find the right Charitable Giving attorney in Hackensack, NJ

In Hackensack, New Jersey, charitable giving is when a person donates 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 extremely easy to make a charitable donation to a cause you want to help. Whether it contains 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 complicated 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 frequent 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 Hackensack, New Jersey

Charitable trusts are arrangements that involve handing possession (but not generally ownership) of money or property over to a charity, either during the donor's life, or after their 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 frequent kind of charitable trust in Hackensack, New Jersey is a charitable remainder trust. This authorizes 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 normally 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.

Most charitable donations are deductible from your state and federal taxable income. However, in order for your donations to count, the charity should be registered with the IRS and equivalent institution in .

Do I Need a Hackensack, New Jersey Attorney?

If you wish to set up a charitable trust, you should consult with the organization directly. They commonly know the easiest way to direct any charitable giving to their organization. You should also speak with a brilliant trusts and estates attorney in Hackensack, New Jersey, who can help ensure that your intentions are carried out.

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

Life in Hackensack

Hackensack is located in Bergen County, New Jersey. Its official name is New Barbadoes Township. In 1921, the name informally became Hackensack. It is located about twelve miles from Midtown Manhattan,, and about seven miles from the George Washington Bridge. It is home to around 43,000 people.

Some popular sites include Fairleigh Dickinson University, the New Jersey Naval Museum, the World War II submarine USS Ling display, the First Dutch Reformed Church, The Shops at Riverside (Riverside Square Mall), and Bergen Museum of Art Science.

Some famous residents include Debby Boone, Philip Carey, Samuel Cooper, Harold Dow, Jim Finn, Dave Fiore, Mike Fratello, David Grisman, Matt Herr, John Huyler, Dave Scott, Douglas Watt, and Teresa Weatherspoon.

Hackensack is also home to attorneys who have established their practices in their local city. Thus, the legal needs of residents and local businesses will always be taken care of.

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