In Delavan, Wisconsin, 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.
The simplest way to make a charitable gift is to just give the money or property directly to the organization you want to help.
Some people want to give a larger percentage of their assets to a charitable organization than would be feasible during life, so they formulate some type of arrangement under which the money will be transferred upon the donor's 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 Delavan, Wisconsin
Charitable trusts are arrangements that involve handing possession (but not necessarily ownership) of money or property over to a charity, either 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 generally only allowed to use the money to advance their organization's charitable mission.
The most common type of charitable trust in Delavan, Wisconsin is a charitable remainder trust. Under this arrangement, you give a certain 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.
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 actually used for a charitable cause, and that your donation will be tax-deductible, you should check to see that the organization is actually tax-exempt. You can find this information from the IRS and/or the agency accountable for taxation in
Do I Need a Delavan, Wisconsin 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 Delavan, Wisconsin, who will usually be able to make the process much easier.