Charitable Giving in Gastonia, North Carolina

Find the right Charitable Giving attorney in Gastonia, NC

In Gastonia, North Carolina, charitable giving is when a person gives something to an organization or individual, without consideration (getting something directly in return). This is for the purpose of advancing some type of cause, helping people in need, or any other altruistic motive.

In life, charitable giving usually simply involves writing a check or handing cash over to the charitable organization of the donor's choice.

What if, on the other hand, a donor wishes to give everything they own (or a significant chunk of everything they own) to a charity? This is very generous, of course, but it's rarely possible during life, considering the expenses and commitments we all have. On the other hand, most people don't think they'll be needing their money after they die. Knowing this, many arrangements have been created allowing a person to have as much of their money as they want transferred to a charity of their choice after their death.

If you decide to make a sizable donation to a charity that will not actually occur until after your death, the easiest (and most typically-used) method is to simply leave the desired amount of money or property to the charitable organization in your will.

Charitable Trusts in Gastonia, North Carolina

Legal arrangements known as "charitable trusts" are also utilized to give large amounts of money to charity. It can be used to make the gift quickly, or it can be set to take effect after the donor's death.

While the money, for a time at least, is still technically owned by the donor, it is possessed and controlled by the charity, which acts as a trustee. The trustee is then able to use the money for the charitable purposes which have been laid out in the agreement that initially established the trust.

The most common kind of charitable trust in Gastonia, North Carolina is a charitable remainder trust. This allows 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 usually 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 complete 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 Gastonia, North Carolina 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 Gastonia, North Carolina, 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 Gastonia

Gastonia is home to around 70,000 people and is North Carolina's thirteenth largest city.

Some major employers which have helped boost Gastonia's economy include Freightliner LLC, Danaher Tool Group, Curtiss-Wright Controls Engineered Systems and Radici Group, and Advance Auto Parts. The legal industry also has a presence due to the many small law firms and law offices, where competent attorneys devote their day to providing excellent legal services.

Some famous past residents include many NBA players, such as James Worthy, Darrell Armstrong, Eric Floyd, and Hassan Whiteside. Other famous residents have included Evan Karagias, Clyde Caldwell, Thomas Sowell, and Gilly James.

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