Charitable Giving in Tonawanda, New York

Find the right Charitable Giving attorney in Tonawanda, NY

In Tonawanda, 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.

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.

What if, however, you want to give all or most of your assets to a charity, to really make a big difference? This is frequently 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 authorizing you to have your assets transferred to a charity after your death.

There are many arrangements authorizing 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 prevalent.

Charitable Trusts in Tonawanda, 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.

While the money, for a time at least, is still technically owned by the donor, it is possessed and controlled by the charity, which acts as a trustee. The trustee is then able to use the money for the charitable purposes which have been laid out in the agreement that first appointed the trust.

The most customary kind of charitable trust in Tonawanda, New York is a charitable remainder trust. This permits 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 typically 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.

You should make sure the charity is registered with the Internal Revenue Service, and (if applicable) the taxation authority of .

Do I Need a Tonawanda, New York Attorney?

Making a substantial charitable donation is a generous and admirable act. However, good intentions don't always lead to good results. To ensure that your donation has the most positive impact possible, you should discuss the matter in detail with representatives of the organization(s) you want to donate to. It might be advantageous to have a Tonawanda, New York lawyer handle these negotiations on your behalf, since they will likely understand the legal and financial complexities involved.

Talk to a Wills, Trusts & Estates Law Attorney now!

Life in Tonawanda

Tonawanda--the name means "confluent stream" and is located in Erie County, New York. It is located across the Erie Canal and north of Buffalo.

The city is known for celebrating "Canal Fest." This is an one week festival where Tonawanda's history is celebrated. The festival aims to promote history and business for the city.

Popular sites include Gateway Harbor, Isle View Park, Niawanda Park, and The Long Homestead.

The city is home to many attorneys who have established law offices. These attorneys focus on providing residents and local businesses with excellent legal services.

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