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Texas courts have broad discretion in awarding damages, including punitive damages in cases involving fraud, bad faith, or gross negligence A charitable remainder trust or a charitable gift annuity will give you an immediate income tax deduction, a lifetime stream of income, and a waiver of capital gains taxes owed on contributed property. Trustees who improperly benefit from their position may be required to disgorge personal gains obtained through breaches of duty.
If an authorized trustee has full discretion to distribute the principal of a trust and another trustee has limited discretion to distribute principal under the trust instrument, the authorized trustee having full discretion may exercise the power to distribute the trust's principal under section 112.072. There are many different ways to make charitable gifts In most cases the beneficiary is not being provided with sufficient information about the administration of his or her trust and/or they believe that their trustee is using his or her office as trustee to benefit himself or herself at the beneficiaries expense.
Unless the trust explicitly authorizes distributions or gifts to individuals who are not beneficiaries, making such gifts may be impermissible and could expose the trustee to legal challenges.
All included text of the trust code is what was published by the texas legislature and made freely available I have only formatted it and added hyperlinks, a table of contents, and an index, and assume no responsibility for the accuracy of the contents. Accordingly, where a trust provides that a trustee must make certain principal distributions, a trustee must make those distributions unless the trustee obtains judicial relief to the contrary or the beneficiary consents and releases the trustee from that duty. (a) in this section, charitable trust has the meaning assigned by section 123.001
Don’t borrow, loan, or give the trust’s money to yourself or others Even though texas law or the trust document may allow you to give a gift or make a loan, consider whether the trust can afford the gifts or loans, and whether they are in line with what rose would have wanted. The davidson brothers sat down with texas legal to talk about charitable giving through a will or trust and the importance of estate planning, answering some important questions and giving their valuable advice on the topic.
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