Charitable Giving in Hoboken, New Jersey

Find the right Charitable Giving attorney in Hoboken, NJ

In Hoboken, New Jersey, 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.

In general, it's quite easy to make a charitable donation to a cause you want to help. Whether it includes 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 intricate 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 prevalent 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 Hoboken, New Jersey

Charitable trusts are typically used for very large donations, and can be made 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. However, the charity, acting as a trustee, has authority to use it for charitable purposes (what the money can and can't be used for should be clearly laid out in the trust).

The most typical type of Hoboken, New Jersey charitable trust is identified as a "charitable remainder trust." Under this arrangement, some of your money or property is given to your charity of choice. The charity then invests the money, while giving a percentage of the income generated by these investments to you or a beneficiary of your choice, for a determinate period of time. Once this time is up, ownership of the original fund transfers to the charity.

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

Do I Need a Hoboken, New Jersey Attorney?

When attempting to establish a charitable trust, or make another charitable donation, the first thing you should do is discuss this with the organization you want to make the donation to. They will probably be able to advise you on how to donate your money in the way that will be most useful to them. And, of course, you should speak with an attorney in Hoboken, New Jersey, who will typically be able to make the process much easier.

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

Life in Hoboken

Hoboken is located in New Jersey's Hudson County. Per the 2010 census, Hoboken is home to 50,005 people.

Popular attractions include Church Square Park, Columbus Park, Elysian Park, Stevens Park, Madison Park, Gateway Park, Hudson River Waterfront Walkway, Bayonne Bridge, Hoboken Terminal, Pier A, Frank Sinatra Park, Castle Point Park, and Hoboken Cove.

Images of Hoboken display the city's breathtaking beauty and charm. Residents love living here. In the list of residents, practicing attorneys are included. Therefore, any legal need of residents and/or small businesses will be tended to by the legal force of Hoboken. For large complex matters, the top tier legal force in New York is close by.

Overall, residents have the advantage of living in a beautiful area, being close to New York, and having a strong legal force both within and nearby their homes. Next time one visits New Jersey or New York, Hoboken is definitely a place to visit!

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