In Tullahoma, 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 permitted: 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. Thankfully, there are a few arrangements permitting 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 complicated way to do this is a simple testamentary gift in a will - wherein a particular amount of the donor's money is transferred to the charity upon the donor's death.
Charitable Trusts in Tullahoma, Tennessee
Legal arrangements recognized as "charitable trusts" are also utilized to give large amounts of money to charity. It can be used to make the gift quickly, or it can be set to take effect after the donor's death.
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 typically only authorized to use the money to advance their organization's charitable mission.
The most frequent type of charitable trust in Tullahoma, Tennessee is a charitable remainder trust. Under this arrangement, you give a particular amount of money or property to a charity. The charity then invests this money, giving you or a named beneficiary a portion of the income generated from these investments for a set amount of time. Once this expires, the money that was initially invested goes to the charity, free and clear.
Wanting to help a charitable cause is, of course, a good thing. Nonetheless, some people seek to take advantage of our good intentions through fraudulent charities. If you want to help ensure that any money you donate to an organization is really used for a charitable cause, and that your donation will be tax-deductible, you should check to see that the organization is really tax-exempt. You can find this information from the IRS and/or the agency accountable for taxation in
Do I Need a Tullahoma, 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 accomplished attorney in Tullahoma, Tennessee, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.