In Soddy Daisy, Tennessee, "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.

The vast majority of charitable gifts are made using the most simple method feasible: 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 often 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. Luckily, there are a few arrangements allowing you to have your assets transferred to a charity after your death.

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

Charitable Trusts in Soddy Daisy, Tennessee

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 money that is donated is still legally owned by the donor. But this is largely a formality, as the charity receives possession and control over the money. The charity is then free to use that money, but exclusively for the purposes laid out in the trust instrument.

The most common type of Soddy Daisy, Tennessee charitable trust is known as a "charitable remainder trust." Under this arrangement, some of your money or property is directed to your charity of choice. The charity then invests the money, while giving a percentage of the income generated by these investments to you or a beneficiary of your choice, for a determinate period of time. Once this time is up, ownership of the original fund transfers to the charity.

Obviously, if you want to help a good cause, you want to make sure that any charity you donate to is valid. Sadly, there are quite a few fraudulent charities out there. The ideal 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 Soddy Daisy, Tennessee Attorney?

If you want to set up a charitable trust, you should first speak with a representative of the charity you want to support. You should also talk with an experienced attorney in Soddy Daisy, Tennessee, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.