Charitable Giving in Palm Harbor, Florida

Find the right Charitable Giving attorney in Palm Harbor, FL

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

In general, it's extremely easy to make a charitable donation to a cause you want to help. Whether it contains 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 complicated 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 often infeasible, since people have their own expenses that they have to cover. Therefore, 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 frequent 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 Harbor, Florida

Charitable trusts are arrangements that involve handing possession (but not generally 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 right to use it for charitable purposes, with the exact scope of this right having been laid out in the trust agreement.

If a person decides to set up a charitable trust in Palm Harbor, Florida, they normally set up a "charitable remainder trust," since this is usually beneficial to both the donor (or their estate) as well as the charity. The operation of this type of trust is fairly simple: at a set time (normally the donor's death) the property that the donor wants to give to the charity is handed over, and the charity invests it. The charity benefits by getting to keep most of the money that these investments generate. The donor benefits because they also get a percentage of this income, for a period of time laid out in the trust agreement. Afterwards, the recipient of the donation gets it free and clear.

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 Harbor, Florida Attorney?

If you want to create a charitable trust, you should first talk with someone in charge of the charitable organization you wish to help. They will be able to assist you in setting up the trust, or advise you of their preferred method of donation. This will help you ensure that your donation is as effective in helping the charity as it can possibly be. It is also a good idea to speak with a Palm Harbor, Florida attorney, who can help iron out the more technical details.

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

Life in Palm Harbor

Palm Harbor, Florida is an unincorporated community in Pinellas County. It has a population of about 60,000 people, as of the 2000 Census. It is located on the Gulf of Mexico.

Palm Harbor, Florida is mostly a residential community, but it has several commercial districts, where most of the businesses are located. Each one of these districts has its own unique character. These business districts are fairly pedestrian-friendly, and boast several unique, locally-owned restaurants and retailers, as well as a handful of historic buildings. Palm Harbor is also known for its hilly geography, which is fairly uncommon in relatively flat Florida.

Palm Harbor is a popular tourist destination, owing to its proximity to the Gulf of Mexico. Its warm, subtropical climate makes it popular among residents who prefer that kind of weather, particularly retirees.

If you live in Palm Harbor, Florida, and find yourself in need of legal advice or services, chances are you'll be able to find what you need in the area. Palm Harbor, Florida lawyers practice in a wide variety of legal areas. If you need legal help, a Palm Harbor, Florida attorney is the person to call.

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