In Aliquippa, Pennsylvania, "charitable giving" refers to the act of giving money or property, for selfless motives. It necessarily means that the donor does not plan on receiving any direct compensation for whatever they have given.

In life, charitable giving normally simply involves writing a check or handing cash over to the charitable organization of the donor's choice.

What if, on the other hand, a donor wishes to give everything they own (or a considerable chunk of everything they own) to a charity? This is extremely generous, of course, but it's rarely possible during life, considering the expenses and commitments we all have. On the other hand, most people don't think they'll be needing their money after they die. Knowing this, many arrangements have been created permitting a person to have as much of their money as they want transferred to a charity of their choice 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 frequent 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 Aliquippa, Pennsylvania

Legal arrangements recognized as "charitable trusts" are also utilized to give large amounts of money to charity. It can be used to make the gift quickly, or it can be set to take effect after the donor's 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).

The most frequent kind of charitable trust in Aliquippa, Pennsylvania is a charitable remainder trust. This authorizes you to give as much money or property as you want to a charity. The money is then invested by the charity. The investments are normally fairly conservative, sacrificing large returns for security. The charity then returns a portion of these returns to the donor, or another person named by the donor, while keeping the rest. This lasts for a set period of time, at the end of which the charity gets complete ownership of the original fund.

Many charitable donations are deductible from your state and federal taxable income. But, in order for your donations to count, the charity should be registered with the IRS and equivalent institution in .

Do I Need a Aliquippa, Pennsylvania Attorney?

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