In Lackawanna, 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.

Most charitable donors, while they're alive, give their gifts in the simplest way allowed: handing the money or property they wish to donate over to the individual or group they want to help.

Some people want to give a larger percentage of their assets to a charitable organization than would be feasible during life, so they establish 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 common 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 Lackawanna, New York

Legal arrangements known as "charitable trusts" are also used to give large amounts of money to charity. It can be used to make the gift immediately, or it can be set to take effect after the donor's 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 common kind of charitable trust in Lackawanna, New York is a charitable remainder trust. This allows you to give as much money or property as you want to a charity. The money is then invested by the charity. The investments are usually fairly conservative, sacrificing large returns for security. The charity then returns a portion of these returns to the donor, or another person named by the donor, while keeping the rest. This lasts for a set period of time, at the end of which the charity gets full ownership of the original fund.

Most charitable donations are deductible from your state and federal taxable income. However, in order for your donations to count, the charity should be registered with the IRS and equivalent institution in .

Do I Need a Lackawanna, New York Attorney?

If you want to create a charitable trust, you should first talk with someone in charge of the charitable organization you wish to help. They will be able to assist you in setting up the trust, or advise you of their preferred method of donation. This will help you ensure that your donation is as effective in helping the charity as it can possibly be. It is also a good idea to speak with a Lackawanna, New York attorney, who can help iron out the more technical details.