In San Diego, 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 possible: handing the money or property they wish to donate over to the individual or group they want to help.
What if, however, you want to give all or most of your assets to a charity, to really make a big difference? This is frequently not practical while the donor is alive, since they presumably have expenses, and want to maintain for themselves the lifestyle to which they're accustomed. However, there are a few arrangements authorizing you to have your assets transferred to a charity after your 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 commonly-used) method is to simply leave the desired amount of money or property to the charitable organization in your will.
Charitable Trusts in San Diego, Texas
A charitable trust is an arrangement by which a large amount of money can be given to a charity after the death of the donor, or during the donor's life.
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 first created the trust.
In San Diego, Texas, a "charitable remainder trust" is the most common 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 generate, becomes the legal property of the charity, to dispose of as it pleases.
Most charitable donations are deductible from your state and federal taxable income. However, in order for your donations to count, the charity should be registered with the IRS and equivalent institution in .
Do I Need a San Diego, Texas Attorney?
If you wish to set up a charitable trust, you should consult with the organization directly. They frequently know the easiest way to direct any charitable giving to their organization. You should also speak with a knowledgeable trusts and estates attorney in San Diego, Texas, who can help ensure that your intentions are carried out.