In South Houston, 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 permitted: handing the money or property they wish to donate over to the person or group they want to assist.

What if, however, you want to give all or most of your assets to a charity, to really make a big difference? This is commonly 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. Thankfully, there are a few arrangements permitting 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 really 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 South Houston, 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 permission 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 South Houston, 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 complete ownership of the original fund.

If you wish to set up a charitable trust in you should check with the IRS and equivalent state agencies to confirm that the charity you want to help is registered with them. This will help make sure that your money is utilized for a good cause (and not to line somebody's pockets) and that your contribution will be tax-deductible.

Do I Need a South Houston, Texas Attorney?

If you wish to set up a charitable trust, you should consult with the organization directly. They commonly know the simplest way to direct any charitable giving to their organization. You should also speak with a seasoned trusts and estates attorney in South Houston, Texas, who can help ensure that your intentions are carried out.