In Woods Cross, Utah, charitable giving is simply the act of donating money or property to a charitable cause, without the expectation of direct compensation. This is typically done for selfless reasons.
In life, charitable giving typically simply involves writing a check or handing cash over to the charitable organization of the donor's choice.
What if, however, you want to give all or most of your assets to a charity, to really make a big difference? This is frequently 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 authorizing you to have your assets transferred to a charity after your death.
There are many ways you can donate some or all of your property or money to a charity after your death, if you wish to do so. Direct testamentary gifts are the most common and the most simple way to accomplish this. A testamentary gift simply entails donating the money or property directly to the charity, through a provision in your will.
Charitable Trusts in Woods Cross, Utah
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 customary kind of charitable trust in Woods Cross, Utah is a charitable remainder trust. This permits 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 typically 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 complete ownership of the original fund.
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 Woods Cross, Utah 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 Woods Cross, Utah, who can help ensure that your intentions are carried out.