Charitable Giving in Galveston, Texas

Find the right Charitable Giving attorney in Galveston, TX

In Galveston, Texas, "charitable giving" refers to the act of donating money or property, for selfless motives. It necessarily means that the donor does not plan on receiving any direct compensation for whatever they have given.

Most charitable donors, while they're alive, give their gifts in the simplest way permitted: handing the money or property they wish to donate over to the person or group they want to assist.

Some people want to give a larger percentage of their assets to a charitable organization than would be feasible during life, so they formulate some type of arrangement under which the money will be transferred upon the donor's death.

If you want to make a donation that's effective after your death, there are a few ways to do this. The most common 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 Galveston, Texas

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.

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 Galveston, Texas, they usually 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 (usually 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 Galveston, Texas Attorney?

Making a substantial charitable donation is a generous and admirable act. Nonetheless, good intentions don't always lead to good results. To guarantee that your donation has the most positive impact possible, you should discuss the matter in detail with representatives of the organization(s) you want to donate to. It might be helpful to have a Galveston, Texas lawyer handle these negotiations on your behalf, since they will likely understand the legal and financial complexities involved.

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

Life in Galveston

Galveston is a city in Texas located on the coast, Galveston Island to be exact. Per the 2010 census it has a population of 47,743 people.

The economy thrives off of the health care, shipping and financial industries. However there are many small law offices and firms in Galveston as well. These entities train excellent attorneys to handle various legal matters.

Some sites to be seen in Galvestron are the Mood Gardens, Schlitterbahn Waterpark, Ocean Star Offshore Drilling Rig Museum, the Lone Star Flight Museum, Galvestron Railroad Museum, The Strand, and Seawolf Park.

Some notable residents include William L. Moody Jr., John H. Murhy, Sam Maceo, and Douglas Corrigan.

All in all, although not one of the big cities in Texas, Galveston is a great place to visit and to call home.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Regel B.
Regel B.

Wills, Trusts and Estates

Caldwell, LA

Brad M.
Brad M.

Wills, Trusts and Estates

Sussex, NJ

David L.
David L.

Wills, Trusts and Estates

Ashland, OH