Charitable Giving in Carol Stream, Illinois

Find the right Charitable Giving attorney in Carol Stream, IL

Charitable giving in Carol Stream, Illinois is the donating of money or some other asset to a charitable cause.

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 generous donors will sometimes give essentially 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 prevalent 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 Carol Stream, Illinois

Charitable trusts are typically 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 power to use it for charitable purposes, with the exact scope of this right having been laid out in the trust agreement.

The most prevalent type of charitable trust in Carol Stream, Illinois is a charitable remainder trust. Under this arrangement, you give a specific amount of money or property to a charity. The charity then invests this money, giving you or a named beneficiary a portion of the income generated from these investments for a set amount of time. Once this expires, the money that was initially invested goes to the charity, free and clear.

Wanting to help a charitable cause is, of course, a good thing. However, some people seek to take advantage of our good intentions through fraudulent charities. If you want to help ensure that any money you donate to an organization is directly used for a charitable cause, and that your donation will be tax-deductible, you should check to see that the organization is truly tax-exempt. You can find this information from the IRS and/or the agency responsible for taxation in

Do I Need a Carol Stream, Illinois 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 Carol Stream, Illinois lawyer handle these negotiations on your behalf, since they will likely understand the legal and financial complexities involved.

Talk to a Wills, Trusts and Estates Law Attorney now!

Life in Carol Stream

Carol Stream is located in DuPage County, Illinois. It was named after the city's developer's daughter Carol Stream. Carol Stream is a small city with an approximate population of 44,000 people.

Some of Carol Stream's top employers include Peacock Engineering, Tyndale House, Futaba Industrial, CNS Home Health Hospice, Ingram Micro, Windsor Park Manor, Berlin Industries and Dominick's.

Although the legal industry is not huge in Carol Stream, there are many attorneys who practice in most areas of law. Thus, residents of Carol Stream can stay rest assured because their legal matters can be handled by attorneys in Carol Stream.

All in all, Carol Stream has a community-like feel, small town charm, and a wonderful quality of life to offer residents and visitors.

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