In Greenfield, Ohio, 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 possible: handing the money or property they wish to donate over to the individual or group they want to help.

Some generous donors will sometimes give virtually everything they own to charity. This is a wonderful thing to do, but it's not really practical - after all, just about everyone 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 assistance after their 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 Greenfield, Ohio

Legal arrangements identified 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 usually only permitted to use the money to advance their organization's charitable mission.

If a person decides to set up a charitable trust in Greenfield, Ohio, they typically 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 (typically 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.

Wanting to help a charitable cause is, of course, a good thing. However, some people seek to take advantage of our good intentions through fraudulent charities. If you want to help ensure that any money you donate to an organization is directly used for a charitable cause, and that your donation will be tax-deductible, you should check to see that the organization is truly tax-exempt. You can find this information from the IRS and/or the agency responsible for taxation in

Do I Need a Greenfield, Ohio Attorney?

If you wish to set up a charitable trust, you should consult with the organization directly. They frequently know the easiest way to direct any charitable giving to their organization. You should also speak with a knowledgeable trusts and estates attorney in Greenfield, Ohio, who can help ensure that your intentions are carried out.