In Centerport, New York, 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 huge majority of charitable gifts are made simply by giving money away, with no intermediary or other complex legal arrangements.

What if, on the other hand, a donor wishes to give everything they own (or a significant chunk of everything they own) to a charity? This is very generous, of course, but it's rarely possible during life, considering the expenses and commitments we all have. On the other hand, most people don't think they'll be needing their money after they die. Knowing this, many arrangements have been created allowing a person to have as much of their money as they want transferred to a charity of their choice after their death.

There are many arrangements allowing you to donate some or all of your assets to a charitable cause after your death, but direct testamentary gifts (simply leaving money in your will to the charity of your choice) are the most common.

Charitable Trusts in Centerport, New York

A charitable trust is an arrangement through which some amount of money or property is directed to a charity after the donor's death, or throughout their 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 receives possession and control over the money. The charity is then free to use that money, but exclusively for the purposes laid out in the trust instrument.

The most common type of Centerport, New York charitable trust is known as a "charitable remainder trust." Under this arrangement, some of your money or property is directed 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 confirm that the charity you want to help is registered with them. This will help make sure that your money is utilized for a good cause (and not to line somebody's pockets) and that your contribution will be tax-deductible.

Do I Need a Centerport, New York Attorney?

When attempting to create 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 Centerport, New York, who will usually be able to make the process much easier.