Charitable Giving in Waco, Texas

Find the right Charitable Giving attorney in Waco, TX

In Waco, 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 allowed: handing the money or property they wish to donate over to the individual or group they want to help.

Some people, however, may be particularly dedicated to a certain cause, giving rise to a desire to donate a very large percentage of their assets to it. However, during life, this is typically infeasible, since people have their own expenses that they have to cover. Thus, people often put off this donation until after their death.

There are many arrangements authorizing you to donate some or all of your assets to a charitable cause after your death, but direct testamentary gifts (simply leaving money in your will to the charity of your choice) are the most prevalent.

Charitable Trusts in Waco, Texas

Charitable trusts are typically used for very large donations, and can be made during the donor's life, or after their 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 gets possession and control over the money. The charity is then free to use that money, but only for the purposes laid out in the trust instrument.

The most customary kind of charitable trust in Waco, Texas is a charitable remainder trust. This permits 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 typically 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 Waco, Texas Attorney?

Making a substantial charitable donation is a generous and admirable act. However, good intentions don't always lead to good results. To ensure 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 advantageous to have a Waco, 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 Waco

Waco is home to approximately 234,906 people. Located in McLennan County, Texas, Waco lies near the Brazos River and is between Dallas and Austin.

Being near two of Texas's largest cities, Waco residents have available to them the large legal force in Dallas and Austin. Many small, mid-size, and large law firms are located near Waco and train attorneys in all areas of practice.

Alongside the legal industry, top employers include Baylor University, L-3 Communications, Wal-Mart, Sanderson Farms, Inc., the school districts, and Hillcrest Health System.

Downtown Waco is a fun area filled with great shopping and dining. Also, Downtown Waco is were Dr. Pepper was invented! The famous Dr. Pepper Museum is therefore located in Downtown. Other popular attractions include the west banks of the Brazos River, Baylor University, and the Cameron Park Zoo.

All in all, Waco is a great place filled with friendly residents, history, and comfortable living.

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