In Henderson, Texas, "charitable giving" refers to the act of giving 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 allowed: handing the money or property they wish to donate over to the individual or group they want to help.

Some people want to give a larger percentage of their assets to a charitable organization than would be feasible during life, so they establish 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 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 Henderson, Texas

Charitable trusts are normally used for very large donations, and can be made 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 frequent kind of charitable trust in Henderson, Texas is a charitable remainder trust. This authorizes 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 normally 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 Henderson, Texas 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 Henderson, Texas attorney, who can help iron out the more technical details.