In Franklin, 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 Franklin, Wisconsin
Charitable trusts are usually 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 generally only allowed to use the money to advance their organization's charitable mission.
The most common type of charitable trust in Franklin, 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 Franklin, Wisconsin 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 helpful to have a Franklin, Wisconsin lawyer handle these negotiations on your behalf, since they will likely understand the legal and financial complexities involved.