In Wharton, Texas, "charitable giving" refers to the act of donating 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 feasible: handing the money or property they wish to donate over to the person or group they want to assist.
Some people, however, may be especially 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 frequently infeasible, since people have their own expenses that they have to cover. So, people often put off this donation until after their death.
If you want to make a donation that's effective after your death, there are a few ways to do this. The most common 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 Wharton, Texas
A charitable trust is an arrangement by which a large amount of money can be directed to a charity after the death of the donor, or during the donor's life.
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 receives possession and control over the money. The charity is then free to use that money, but exclusively for the purposes laid out in the trust instrument.
The most common type of Wharton, Texas charitable trust is known as a "charitable remainder trust." Under this arrangement, some of your money or property is directed to your charity of choice. The charity then invests the money, while giving a percentage of the income generated by these investments to you or a beneficiary of your choice, for a determinate period of time. Once this time is up, ownership of the original fund transfers to the charity.
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 Wharton, 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 confirm 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 Wharton, Texas attorney, who can help iron out the more technical details.