Charitable Giving in Palm Bay, Florida

Find the right Charitable Giving attorney in Palm Bay, FL

Charitable giving in Palm Bay, Florida is the donating of money or some other asset to a charitable cause.

In general, it's quite easy to make a charitable donation to a cause you want to help. Whether it includes writing a huge check, or dropping spare change in a donation jar, a large majority of charitable gifts are made simply by giving money away, with no intermediary or other intricate legal arrangements.

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. Thus, people often put off this donation until after their death.

If you want to make a donation that's effective after your death, there are a few ways to do this. The most prevalent method is also the simplest: leaving the charity whatever property you want to give to it in your will - this is known as a "testamentary gift."

Charitable Trusts in Palm Bay, Florida

Charitable trusts are arrangements that involve handing possession (but not always ownership) of money or property over to a charity, either during the donor's life, or after their death.

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.

The most customary kind of charitable trust in Palm Bay, Florida is a charitable remainder trust. This permits you to give as much money or property as you want to a charity. The money is then invested by the charity. The investments are typically fairly conservative, sacrificing large returns for security. The charity then returns a portion of these returns to the donor, or another person named by the donor, while keeping the rest. This lasts for a set period of time, at the end of which the charity gets full ownership of the original fund.

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

Do I Need a Palm Bay, Florida 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 efficient attorney in Palm Bay, Florida, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.

Talk to a Wills, Trusts and Estates Law Attorney now!

Life in Palm Bay

Palm Bay, Florida is the largest city in Brevard County. Its population is approximately 101,000 as of a 2008 Census estimate.

The earliest European settlers to arrive in the area now known as Palm Bay showed up in 1850, building homes along Turkey Creek. By the late 1800s, there was a lumber mill, a packing house, orange groves, and several other industries in Palm Bay. However, growth was quite slow during that period. This changed in 1894, with the arrival of the railroad in Palm Bay.

Modernly, Palm Bay's economy is largely based around tourism. Because it is right on the Atlantic coast, and enjoys a warm, subtropical climate, it is popular among visitors, as well as people who wish to relocate, particularly retirees.

Palm Bay is also home to the Turkey Creek Sanctuary, a small nature preserve that showcases Florida's natural beauty. It is home to many native wildlife species, turtles, alligators, and dozens of types of birds. It has trails for hiking, bicycling, and jogging. The eponymous creek is an important breeding area for both freshwater and saltwater fish.

If you live in Palm Bay, Florida, and need an attorney, chances are good that you'll be able to find one. There are plenty of Palm Bay, Florida attorneys who can help you with whatever legal issues you may be facing.

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