In Castle Shannon, 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 obligations 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.
There are many ways you can donate some or all of your property or money to a charity after your death, if you wish to do so. Direct testamentary gifts are the most common and the most simple way to accomplish this. A testamentary gift simply entails transferring the money or property directly to the charity, through a provision in your will.
Charitable Trusts in Castle Shannon, Pennsylvania
A charitable trust is an arrangement through which some amount of money or property is given to a charity after the donor's death, or during their life.
Under a charitable trust, the money going to the charity technically still belongs to the donor. However, the charity, acting as a trustee, has authority to use it for charitable purposes (what the money can and can't be used for should be clearly laid out in the trust).
If a person decides to set up a charitable trust in Castle Shannon, Pennsylvania, they normally 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 (normally 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 really used for a charitable cause, and that your donation will be tax-deductible, you should check to see that the organization is really tax-exempt. You can find this information from the IRS and/or the agency responsible for taxation in
Do I Need a Castle Shannon, Pennsylvania Attorney?
Making a substantial charitable donation is a generous and admirable act. However, good intentions don't always lead to good results. To ensure that your donation has the most positive impact possible, you should discuss the matter in detail with representatives of the organization(s) you want to donate to. It might be valuable to have a Castle Shannon, Pennsylvania lawyer handle these negotiations on your behalf, since they will likely understand the legal and financial complexities involved.