In Brentwood, Tennessee, "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.
What if, however, you want to give all or most of your assets to a charity, to really make a big difference? This is commonly not practical while the donor is alive, since they presumably have expenses, and want to maintain for themselves the lifestyle to which they're accustomed. Fortunately, there are a few arrangements permitting you to have your assets transferred to a charity after your death.
There are many arrangements permitting you to donate some or all of your assets to a charitable cause after your death, but direct testamentary gifts (simply leaving money in your will to the charity of your choice) are the most frequent.
Charitable Trusts in Brentwood, Tennessee
Legal arrangements recognized as "charitable trusts" are also used to give large amounts of money to charity. It can be used to make the gift immediately, or it can be set to take effect after the donor's death.
In a charitable trust, the money that is donated is still legally owned by the donor. But this is largely a formality, as the charity gets possession and control over the money. The charity is then free to use that money, but only for the purposes laid out in the trust instrument.
If a person decides to set up a charitable trust in Brentwood, Tennessee, 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.
Obviously, if you want to help a good cause, you want to make sure that any charity you donate to is legitimate. Sadly, there are quite a few fraudulent charities out there. The best way to do this is to check and make sure that the charity is registered as a tax-exempt organization with the IRS, and the tax authorities in
Do I Need a Brentwood, Tennessee Attorney?
If you wish to set up a charitable trust, you should consult with the organization directly. They commonly know the easiest way to direct any charitable giving to their organization. You should also speak with a brilliant trusts and estates attorney in Brentwood, Tennessee, who can help ensure that your intentions are carried out.