Charitable Giving in Oak Park, Illinois

Find the right Charitable Giving attorney in Oak Park, IL

In Oak Park, Illinois, "charitable giving" involves transferring money or property to an individual or organization, expecting nothing directly in return.

In life, charitable giving usually simply involves writing a check or handing cash over to the charitable organization of the donor's choice.

Some people, however, may be particularly 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 often infeasible, since people have their own expenses that they have to cover. So, people often put off this donation until after their death.

There are many ways to give a charitable gift that does not take effect until after the donor dies. The easiest and least complex way to do this is a simple testamentary gift in a will - wherein a certain amount of the donor's money is transferred to the charity upon the donor's death.

Charitable Trusts in Oak Park, 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.

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.

If a person decides to set up a charitable trust in Oak Park, Illinois, they usually set up a "charitable remainder trust," since this is usually beneficial to both the donor (or their estate) as well as the charity. The operation of this type of trust is fairly simple: at a set time (usually the donor's death) the property that the donor wants to give to the charity is handed over, and the charity invests it. The charity benefits by getting to keep most of the money that these investments generate. The donor benefits because they also get a percentage of this income, for a period of time laid out in the trust agreement. Afterwards, the recipient of the donation gets it free and clear.

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 Oak Park, Illinois Attorney?

When attempting to establish a charitable trust, or make another charitable donation, the first thing you should do is discuss this with the organization you want to make the donation to. They will probably be able to advise you on how to donate your money in the way that will be most useful to them. And, of course, you should speak with an attorney in Oak Park, Illinois, who will usually be able to make the process much easier.

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

Life in Oak Park

Oak Park, Illinois is a suburb of Chicago, located in Cook County. Its population, as of a 2003 Census estimate, is about 50,000 people.

Via the Chicago Loop, residents and visitors to Oak Park, Illinois, have very easy access to downtown Chicago, and all the amenities and economic opportunities that only one of the nation's largest cities can provide.

The history of Oak Park can be traced back to the 1830s, when a settler purchased about 170 acres of land outside Chicago. By 1850, the area was home to a railroad station, around which future growth would be based. Following the Great Chicago Fire of 1871, the population of what would become Oak Park began to boom, due to many residents relocating after losing their homes or businesses. Oak Park, Illinois was officially established as town in 1902.

Modernly, Oak Park is known for its many historic buildings, healthy economy, and excellent school system.

Because Oak Park, Illinois is such an attractive place to live for many people, it should be no surprise that plenty of lawyers have set up shop there. Oak Park, Illinois lawyers can handle just about any legal issue a resident of the area is likely to have. If you need any legal assistance, an Oak Park, Illinois lawyer is the first person you should call.

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