Charitable Giving in Crystal Lake, Illinois

Find the right Charitable Giving attorney in Crystal Lake, IL

Charitable giving in Crystal Lake, 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 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.

There are many ways you can donate some or all of your property or money to a charity after your death, if you wish to do so. Direct testamentary gifts are the most common and the most simple way to accomplish this. A testamentary gift simply entails donating the money or property directly to the charity, through a provision in your will.

Charitable Trusts in Crystal Lake, Illinois

A charitable trust is an arrangement by which a large amount of money can be given to a charity after the death of the donor, or during the donor's life.

While the money, for a time at least, is still technically owned by the donor, it is possessed and controlled by the charity, which acts as a trustee. The trustee is then able to use the money for the charitable purposes which have been laid out in the agreement that first created the trust.

The most customary kind of charitable trust in Crystal Lake, Illinois 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 Crystal Lake, Illinois Attorney?

If you want to set up a charitable trust, you should first speak with a representative of the charity you want to support. You should also talk with an efficient attorney in Crystal Lake, Illinois, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.

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

Life in Crystal Lake

Crystal Lake is located in McHenry County, Illinois. It is a suburb of Chicago.

Being so near Chicago, Crystal Lake residents have the vast Chicago legal force for all their legal matters. Chicago is home to large firms, as well as mid to small size law firms.

For some great shopping and dining, Crystal Lake Park District is the place to go. Other popular sites include Northwest Herald, Walkup Road, Main Beach, Lakewood, and the Dole Family mansion.

All in all, Crystal Lake offers small town charm with the big windy city nearby!

Clients Rate LegalMatch Attorneys
(click to read reviews)

Regel B.
Regel B.

Wills, Trusts and Estates

Caldwell, LA

Brad M.
Brad M.

Wills, Trusts and Estates

Sussex, NJ

David L.
David L.

Wills, Trusts and Estates

Ashland, OH