In Monroe, 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.
If you want to make a donation that's effective after your death, there are a few ways to do this. The most common method is also the simplest: leaving the charity whatever property you want to give to it in your will - this is known as a "testamentary gift."
Charitable Trusts in Monroe, Ohio
Charitable trusts are usually used for very large donations, and can be made during the donor's life, or after their death.
Under a charitable trust, the money going to the charity technically still belongs to the donor. Nonetheless, the charity, acting as a trustee, has power to use it for charitable purposes (what the money can and can't be utilized for should be clearly laid out in the trust).
In Monroe, Ohio, a "charitable remainder trust" is the most typical kind of charitable trust. This allows the money or property to immediately pass to the charity of the donor's choice, so they can benefit from it as soon as possible. The charity takes the money, and invests it (generally in reliable, but not necessarily high-yield, investments). They keep most of the income that this generates, but return a portion of it to the donor on a regular basis, for a set period of time. When this time runs out, the original donation, along with all the income it will produce, becomes the legal property of the charity, to dispose of as it pleases.
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 Monroe, Ohio Attorney?
If you wish to set up a charitable trust, you should consult with the organization directly. They often know the simplest way to direct any charitable giving to their organization. You should also speak with a reputable trusts and estates attorney in Monroe, Ohio, who can help ensure that your intentions are carried out.