In Worland, Wyoming, 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 simplest way to make a charitable gift is to just give the money or property directly to the organization you want to help.

Some generous donors will sometimes give basically everything they own to charity. This is a wonderful thing to do, but it's not really practical - after all, just about everybody has bills to pay. One solution to this is to put off such a generous donation until after death. This allows the donor to meet their obligations during life, while having the satisfaction of knowing that a cause they care about will be given a large amount of help 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 complicated way to do this is a simple testamentary gift in a will - wherein a particular amount of the donor's money is transferred to the charity upon the donor's death.

Charitable Trusts in Worland, Wyoming

A charitable trust is an arrangement by which a large amount of money can be directed to a charity after the death of the donor, or during the donor's life.

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.

In Worland, Wyoming, a "charitable remainder trust" is the most typical kind of charitable trust. This authorizes 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 (typically 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 produce, becomes the legal property of the charity, to dispose of as it pleases.

Many charitable donations are deductible from your state and federal taxable income. But, in order for your donations to count, the charity should be registered with the IRS and equivalent institution in .

Do I Need a Worland, Wyoming 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 Worland, Wyoming, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.