In Sellersville, Pennsylvania, "charitable giving" refers to the act of transferring 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.

The simplest way to make a charitable gift is to just give the money or property directly to the organization you want to help.

Some people, however, may be especially dedicated to a certain cause, giving rise to a desire to donate a very large percentage of their assets to it. However, during life, this is frequently infeasible, since people have their own expenses that they have to cover. Thus, people often put off this donation until after their death.

There are many ways to give a charitable gift that does not take effect until after the donor dies. The simplest and least intricate way to do this is a simple testamentary gift in a will - wherein a specific amount of the donor's money is transferred to the charity upon the donor's death.

Charitable Trusts in Sellersville, Pennsylvania

A charitable trust is an arrangement by which a large amount of money can be directed to a charity after the death of the donor, or during the donor's life.

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.

In Sellersville, Pennsylvania, a "charitable remainder trust" is the most typical kind of charitable trust. This permits 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 (usually 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.

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 Sellersville, Pennsylvania Attorney?

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