In Chardon, 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 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 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. Fortunately, there are a few arrangements permitting you to have your assets transferred to a charity after your death.
If you decide to make a sizable donation to a charity that will not really occur until after your death, the easiest (and most normally-used) method is to simply leave the desired amount of money or property to the charitable organization in your will.
Charitable Trusts in Chardon, Ohio
Legal arrangements recognized 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.
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 typically only authorized to use the money to advance their organization's charitable mission.
The most frequent type of charitable trust in Chardon, Ohio is a charitable remainder trust. Under this arrangement, you give a particular amount of money or property to a charity. The charity then invests this money, giving you or a named beneficiary a portion of the income generated from these investments for a set amount of time. Once this expires, the money that was initially invested goes to the charity, free and clear.
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 Chardon, Ohio Attorney?
If you want to set up a charitable trust, you should first speak with a representative of the charity you want to support. You should also talk with an accomplished attorney in Chardon, Ohio, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.