In Crafton, Pennsylvania, "charitable giving" refers to the act of donating 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 usually 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 significant chunk of everything they own) to a charity? This is very 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 allowing 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 giving the money or property directly to the charity, through a provision in your will.
Charitable Trusts in Crafton, Pennsylvania
Charitable trusts are arrangements that involve handing possession (but not necessarily ownership) of money or property over to a charity, either during the donor's life, or after their death.
While the money, for a time at least, is still technically owned by the donor, it is possessed and controlled by the charity, which acts as a trustee. The trustee is then able to use the money for the charitable purposes which have been laid out in the agreement that first created the trust.
The most common kind of charitable trust in Crafton, Pennsylvania is a charitable remainder trust. This allows 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 usually 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 full ownership of the original fund.
Most charitable donations are deductible from your state and federal taxable income. However, in order for your donations to count, the charity should be registered with the IRS and equivalent institution in .
Do I Need a Crafton, Pennsylvania Attorney?
If you wish to set up a charitable trust, you should consult with the organization directly. They often know the easiest way to direct any charitable giving to their organization. You should also speak with a good trusts and estates attorney in Crafton, Pennsylvania, who can help ensure that your intentions are carried out.