In Sumter, South Carolina, "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.
The vast majority of charitable gifts are made using the most simple method allowed: giving the gift to the intended beneficiary.
Some people want to give a larger percentage of their assets to a charitable organization than would be feasible during life, so they establish some type of arrangement under which the money will be transferred upon the donor's 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 Sumter, South Carolina
Charitable trusts are normally used for very large donations, and can be made during the donor's life, or after their death.
The money is still technically owned by the donor, but the charity, serving as a trustee, has the power to use it for charitable purposes, with the exact scope of this right having been laid out in the trust agreement.
The most frequent kind of charitable trust in Sumter, South Carolina 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 full ownership of the original fund.
You should make sure the charity is registered with the Internal Revenue Service, and (if applicable) the taxation authority of .
Do I Need a Sumter, South Carolina 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 Sumter, South Carolina lawyer handle these negotiations on your behalf, since they will likely understand the legal and financial complexities involved.