In Arlington, Virginia, charitable giving is simply the act of giving money or property to a charitable cause, without the expectation of direct compensation. This is usually done for selfless reasons.
In life, charitable giving usually 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 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. Thankfully, there are a few arrangements allowing 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 giving the money or property directly to the charity, through a provision in your will.
Charitable Trusts in Arlington, Virginia
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.
If a person decides to set up a charitable trust in Arlington, Virginia, they usually 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 (usually 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.
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 Arlington, Virginia Attorney?
When attempting to create a charitable trust, or make another charitable donation, the first thing you should do is discuss this with the organization you want to make the donation to. They will probably be able to advise you on how to donate your money in the way that will be most useful to them. And, of course, you should speak with an attorney in Arlington, Virginia, who will usually be able to make the process much easier.
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