In Harrisonburg, Virginia, 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.
If you decide to make a sizable donation to a charity that will not directly occur until after your death, the easiest (and most typically-used) method is to simply leave the desired amount of money or property to the charitable organization in your will.
Charitable Trusts in Harrisonburg, Virginia
Charitable trusts are typically used for very large donations, and can be made during the donor's life, or after their 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 usually only permitted to use the money to advance their organization's charitable mission.
The most prevalent type of charitable trust in Harrisonburg, Virginia is a charitable remainder trust. Under this arrangement, you give a specific 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.
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 Harrisonburg, 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 Harrisonburg, Virginia, who will typically be able to make the process much easier.