In Sun Prairie, 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 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, 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. So, people often put off this donation until after their death.

There are many arrangements allowing you to donate some or all of your assets to a charitable cause after your death, but direct testamentary gifts (simply leaving money in your will to the charity of your choice) are the most common.

Charitable Trusts in Sun Prairie, Wisconsin

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.

The money is still technically owned by the donor, but the charity, serving as a trustee, has the power to use it for charitable purposes, with the exact scope of this right having been laid out in the trust agreement.

In Sun Prairie, Wisconsin, a "charitable remainder trust" is the most recognized kind of charitable trust. This allows 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 (generally 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.

You should make sure the charity is registered with the Internal Revenue Service, and (if applicable) the taxation authority of .

Do I Need a Sun Prairie, 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 experienced attorney in Sun Prairie, Wisconsin, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.