In Lindale, Texas, "charitable giving" refers to the act of transferring 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 decide to make a sizable donation to a charity that will not directly 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 Lindale, Texas
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.
The money is still technically owned by the donor, but the charity, serving as a trustee, has the permission to use it for charitable purposes, with the exact scope of this right having been laid out in the trust agreement.
In Lindale, Texas, a "charitable remainder trust" is the most frequent kind of charitable trust. This permits the money or property to immediately pass to the charity of the donor's choice, so they can benefit from it as soon as possible. The charity takes the money, and invests it (usually in reliable, but not necessarily high-yield, investments). They keep most of the income that this generates, but return a portion of it to the donor on a regular basis, for a set period of time. When this time runs out, the original donation, along with all the income it will produce, becomes the legal property of the charity, to dispose of as it pleases.
You should make sure the charity is registered with the Internal Revenue Service, and (if applicable) the taxation authority of .
Do I Need a Lindale, Texas Attorney?
When attempting to create a charitable trust, or make another charitable donation, the first thing you should do is discuss this with the organization you want to make the donation to. They will probably be able to advise you on how to donate your money in the way that will be most useful to them. And, of course, you should speak with an attorney in Lindale, Texas, who will typically be able to make the process much easier.