In Calverton, New York, 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 huge 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. Thankfully, there are a few arrangements permitting you to have your assets transferred to a charity after your death.
There are many ways to give a charitable gift that does not take effect until after the donor dies. The simplest and least complicated way to do this is a simple testamentary gift in a will - wherein a particular amount of the donor's money is transferred to the charity upon the donor's death.
Charitable Trusts in Calverton, New York
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.
The money is still technically owned by the donor, but the charity, serving as a trustee, has the permission to use it for charitable purposes, with the exact scope of this right having been laid out in the trust agreement.
If a person decides to set up a charitable trust in Calverton, New York, 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.
Wanting to help a charitable cause is, of course, a good thing. Nonetheless, some people seek to take advantage of our good intentions through fraudulent charities. If you want to help ensure that any money you donate to an organization is really used for a charitable cause, and that your donation will be tax-deductible, you should check to see that the organization is really tax-exempt. You can find this information from the IRS and/or the agency accountable for taxation in
Do I Need a Calverton, New York Attorney?
If you wish to set up a charitable trust, you should consult with the organization directly. They commonly know the simplest way to direct any charitable giving to their organization. You should also speak with a seasoned trusts and estates attorney in Calverton, New York, who can help ensure that your intentions are carried out.