Charitable Giving in Wellington, Florida

Find the right Charitable Giving attorney in Wellington, FL

Charitable giving in Wellington, 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 huge majority of charitable gifts are made simply by giving money away, with no intermediary or other complicated legal arrangements.

Some people, however, may be especially 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 frequently infeasible, since people have their own expenses that they have to cover. Therefore, people often put off this donation until 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 Wellington, Florida

A charitable trust is an arrangement through which some amount of money or property is directed to a charity after the donor's death, or throughout their life.

In a charitable trust, the money that is donated is still legally owned by the donor. But this is largely a formality, as the charity receives possession and control over the money. The charity is then free to use that money, but exclusively for the purposes laid out in the trust instrument.

If a person decides to set up a charitable trust in Wellington, 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.

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 Wellington, Florida Attorney?

If you wish to set up a charitable trust, you should consult with the organization directly. They commonly know the simplest way to direct any charitable giving to their organization. You should also speak with a seasoned trusts and estates attorney in Wellington, Florida, who can help ensure that your intentions are carried out.

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

Life in Wellington

Wellington is a part of the South Florida community. Specifically, it is located in Palm Beach County, Florida.

One of the largest corporations in Wellington is BE Aerospace. BE employs many Wellington residents. BE apparently pays well because the median income for a Wellington household is approximately ,000. Along with BE, Wellington is home to many law firms. These firms train excellent attorneys capable of handling any and every legal need.

Some popular attractions in Wellington include the Village of Wellington, Kravis Center for Performing Arts, the Norton Museum of Art, nearby West Palm Beach, and the Mall at Wellington Green.

Some famous Wellington residents include Vanilla Ice, Tommy Lee Jones, Madonna, David O'brien, Bruce Springsteen, Curtis Pride, Glenn Close, and Michael Bloomberg.

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