Charitable Giving in Suffolk, Virginia

Find the right Charitable Giving attorney in Suffolk, VA

In Suffolk, 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.

Some people, however, may be especially dedicated to a certain cause, giving rise to a desire to donate a very large percentage of their assets to it. However, during life, this is usually infeasible, since people have their own expenses that they have to cover. Thus, people often put off this donation until after their death.

If you want to make a donation that's effective after your death, there are a few ways to do this. The most prevalent method is also the simplest: leaving the charity whatever property you want to give to it in your will - this is known as a "testamentary gift."

Charitable Trusts in Suffolk, Virginia

Charitable trusts are typically used for very large donations, and can be made during the donor's life, or after their death.

The money is still technically owned by the donor, but the charity, serving as a trustee, has the permission to use it for charitable purposes, with the exact scope of this right having been laid out in the trust agreement.

The most customary kind of charitable trust in Suffolk, Virginia 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.

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 directly used for a charitable cause, and that your donation will be tax-deductible, you should check to see that the organization is truly tax-exempt. You can find this information from the IRS and/or the agency accountable for taxation in

Do I Need a Suffolk, Virginia 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 efficient attorney in Suffolk, Virginia, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.

Talk to a Wills, Trusts & Estates Law Attorney now!

Life in Suffolk

Suffolk is considered the largest city in Virginia. Per the 2010 census, it has a population of 84,585 people. Neighboring waters include the Nansemond River and James River.

Top employers include Kraft Foods, Lockheed Martin, Raytheon, Unilever, Lipton Tea, Target, QVC, Wal-Mart, and the U.S. Joint Forces Command (JFCOM). Although not considered a top employer, the legal industry also has a strong presence in Suffolk because many residents are attorneys who practice in various areas and provide personalized legal services to their clients.

Some famous people who have lived in, or currently call Suffolk home, include Mills E. Goodwin Jr., Antwan Lewis, Lex Luger, Joe Maphis, and Charlie Byrd.

All in all, Suffolk is a beautiful city that is rich in history and offers its residents and visitors a warm and welcoming atmosphere.

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