In Kings County, New York, 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 huge majority of charitable gifts are made simply by giving money away, with no intermediary or other intricate legal arrangements.
What if, on the other hand, a donor wishes to give everything they own (or a substantial chunk of everything they own) to a charity? This is quite 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 authorizing 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 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 donating the money or property directly to the charity, through a provision in your will.
Charitable Trusts in Kings County, New York
Charitable trusts are arrangements that involve handing possession (but not always ownership) of money or property over to a charity, either during the donor's life, or after their death.
In a charitable trust, the property is still technically owned by the donor, but the recipient retains possession and control over it. As the trustee, the charity is free to use the money for any purpose laid out in the trust agreement. With a charitable trust, trustees are usually only permitted to use the money to advance their organization's charitable mission.
If a person decides to set up a charitable trust in Kings County, New York, they typically 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 (typically 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 directly used for a charitable cause, and that your donation will be tax-deductible, you should check to see that the organization is truly tax-exempt. You can find this information from the IRS and/or the agency accountable for taxation in
Do I Need a Kings County, New York Attorney?
If you wish to set up a charitable trust, you should consult with the organization directly. They frequently know the simplest way to direct any charitable giving to their organization. You should also speak with a reliable trusts and estates attorney in Kings County, New York, who can help ensure that your intentions are carried out.