Charitable giving in Bradley, Illinois is the giving of money or some other asset to a charitable cause.
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.
Some generous donors will sometimes give virtually everything they own to charity. This is a wonderful thing to do, but it's not really practical - after all, just about everyone has bills to pay. One solution to this is to put off such a generous donation until after death. This allows the donor to meet their obligations during life, while having the satisfaction of knowing that a cause they care about will be given a large amount of assistance 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 Bradley, Illinois
Legal arrangements known as "charitable trusts" are also used to give large amounts of money to charity. It can be used to make the gift immediately, or it can be set to take effect after the donor's 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 common kind of charitable trust in Bradley, Illinois is a charitable remainder trust. This allows 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 usually 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.
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 Bradley, Illinois 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 ensure 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 Bradley, Illinois attorney, who can help iron out the more technical details.