In Richmond, Vermont, charitable giving is simply the act of transferring money or property to a charitable cause, without the expectation of direct compensation. This is normally done for selfless reasons.

In life, charitable giving normally simply involves writing a check or handing cash over to the charitable organization of the donor's choice.

Some people, however, may be particularly 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 typically infeasible, since people have their own expenses that they have to cover. Therefore, people often put off this donation until after their death.

There are many ways to give a charitable gift that does not take effect until after the donor dies. The easiest 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 Richmond, Vermont

A charitable trust is an arrangement through which some amount of money or property is given to a charity after the donor's death, or during their life.

Under a charitable trust, the money going to the charity technically still belongs to the donor. However, the charity, acting as a trustee, has authority to use it for charitable purposes (what the money can and can't be used for should be clearly laid out in the trust).

In Richmond, Vermont, a "charitable remainder trust" is the most recognized kind of charitable trust. This authorizes the money or property to immediately pass to the charity of the donor's choice, so they can benefit from it as soon as possible. The charity takes the money, and invests it (typically in reliable, but not necessarily high-yield, investments). They keep most of the income that this generates, but return a portion of it to the donor on a regular basis, for a set period of time. When this time runs out, the original donation, along with all the income it will generate, becomes the legal property of the charity, to dispose of as it pleases.

Most charitable donations are deductible from your state and federal taxable income. However, in order for your donations to count, the charity should be registered with the IRS and equivalent institution in .

Do I Need a Richmond, Vermont Attorney?

If you wish to set up a charitable trust, you should consult with the organization directly. They commonly know the easiest way to direct any charitable giving to their organization. You should also speak with a brilliant trusts and estates attorney in Richmond, Vermont, who can help ensure that your intentions are carried out.