In Milwaukee County, Wisconsin, 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.

The easiest 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 create some type of arrangement under which the money will be transferred upon the donor's death.

If you decide to make a sizable donation to a charity that will not really occur until after your death, the easiest (and most commonly-used) method is to simply leave the desired amount of money or property to the charitable organization in your will.

Charitable Trusts in Milwaukee County, Wisconsin

Charitable trusts are normally 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 typically only authorized to use the money to advance their organization's charitable mission.

The most frequent type of charitable trust in Milwaukee County, Wisconsin is a charitable remainder trust. Under this arrangement, you give a particular 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.

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 Milwaukee County, Wisconsin 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 accomplished attorney in Milwaukee County, Wisconsin, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.