Charitable Giving in Elyria, Ohio

Find the right Charitable Giving attorney in Elyria, OH

In Elyria, Ohio, 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 feasible: handing the money or property they wish to donate over to the person or group they want to assist.

Some generous donors will sometimes give basically everything they own to charity. This is a wonderful thing to do, but it's not really practical - after all, just about everybody has bills to pay. One solution to this is to put off such a generous donation until after death. This allows the donor to meet their obligations during life, while having the satisfaction of knowing that a cause they care about will be given a large amount of help after their death.

There are many arrangements allowing 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 common.

Charitable Trusts in Elyria, Ohio

A charitable trust is an arrangement through which some amount of money or property is directed to a charity after the donor's death, or throughout their life.

The money is still technically owned by the donor, but the charity, serving as a trustee, has the authority to use it for charitable purposes, with the exact scope of this right having been laid out in the trust agreement.

If a person decides to set up a charitable trust in Elyria, Ohio, they usually 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 (usually 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.

Obviously, if you want to help a good cause, you want to make sure that any charity you donate to is valid. Sadly, there are quite a few fraudulent charities out there. The ideal way to do this is to check and make sure that the charity is registered as a tax-exempt organization with the IRS, and the tax authorities in

Do I Need a Elyria, 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 an Elyria, Ohio attorney, who can help iron out the more technical details.

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Life in Elyria

Elyria, Ohio is a city located in Lorain County, of which it is the county seat. It has a population of about 55,000 people. Elyria was founded in 1817 by its namesake, Herman Ely. In 1908, Elyria Memorial Hospital opened, and it has since grown into a regional healthcare system which has won several awards for quality of care. Modernly, Elyria is a popular destination among visitors who enjoy outdoor activities. It boasts a very large number of parks, including Cascade Park, which is the larges and, by far, most popular park. It is home to the scenic East Falls, which are part of the Black River. Cascade Park is a popular sledding spot in the winter, and a good location to view the annual Independence Day fireworks display. Elyria, Ohio, in addition to sporting many locally-owned businesses, is home to the world headquarters of several major corporations, including BASF and Invacare. If you live in the area, and find yourself in need of an Elyria, Ohio lawyer, there's a good chance that at least one of the lawyers in Elyria, Ohio can help you.

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