In Bedford, Ohio, 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.
Most charitable donors, while they're alive, give their gifts in the simplest way permitted: handing the money or property they wish to donate over to the person or group they want to assist.
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 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 transferring the money or property directly to the charity, through a provision in your will.
Charitable Trusts in Bedford, Ohio
Charitable trusts are normally used for very large donations, and can be made during the donor's life, or after their death.
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 frequent type of Bedford, Ohio charitable trust is recognized 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.
You should make sure the charity is registered with the Internal Revenue Service, and (if applicable) the taxation authority of .
Do I Need a Bedford, Ohio 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 confirm 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 Bedford, Ohio attorney, who can help iron out the more technical details.