In Socorro, New Mexico, 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.
What if, however, you want to give all or most of your assets to a charity, to really make a big difference? This is commonly not practical while the donor is alive, since they presumably have expenses, and want to maintain for themselves the lifestyle to which they're accustomed. Fortunately, there are a few arrangements permitting you to have your assets transferred to a charity after your death.
There are many ways you can donate some or all of your property or money to a charity after your death, if you wish to do so. Direct testamentary gifts are the most common and the most simple way to accomplish this. A testamentary gift simply entails transferring the money or property directly to the charity, through a provision in your will.
Charitable Trusts in Socorro, New Mexico
A charitable trust is an arrangement by which a large amount of money can be given 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 gets possession and control over the money. The charity is then free to use that money, but only for the purposes laid out in the trust instrument.
If a person decides to set up a charitable trust in Socorro, New Mexico, they normally 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 (normally 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.
Obviously, if you want to help a good cause, you want to make sure that any charity you donate to is legitimate. Sadly, there are quite a few fraudulent charities out there. The best way to do this is to check and make sure that the charity is registered as a tax-exempt organization with the IRS, and the tax authorities in
Do I Need a Socorro, New Mexico 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 Socorro, New Mexico, who can help ensure that your intentions are carried out.