In Battle Ground, Washington, 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 frequently infeasible, since people have their own expenses that they have to cover. Thus, 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 simplest and least intricate way to do this is a simple testamentary gift in a will - wherein a specific amount of the donor's money is transferred to the charity upon the donor's death.
Charitable Trusts in Battle Ground, Washington
Charitable trusts are arrangements that involve handing possession (but not always ownership) of money or property over to a charity, either 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 authority to use it for charitable purposes, with the exact scope of this right having been laid out in the trust agreement.
If a person decides to set up a charitable trust in Battle Ground, Washington, they typically 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 (typically 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.
Obviously, if you want to help a good cause, you want to make sure that any charity you donate to is valid. Sadly, there are quite a few fraudulent charities out there. The ideal way to do this is to check and make sure that the charity is registered as a tax-exempt organization with the IRS, and the tax authorities in
Do I Need a Battle Ground, Washington Attorney?
Making a substantial charitable donation is a generous and admirable act. Nonetheless, good intentions don't always lead to good results. To guarantee that your donation has the most positive impact possible, you should discuss the matter in detail with representatives of the organization(s) you want to donate to. It might be advantageous to have a Battle Ground, Washington lawyer handle these negotiations on your behalf, since they will likely understand the legal and financial complexities involved.