In Rantoul, Illinois, "charitable giving" involves donating money or property to an individual or organization, expecting nothing directly in return.
In life, charitable giving typically 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. Thus, 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 intricate way to do this is a simple testamentary gift in a will - wherein a specific amount of the donor's money is transferred to the charity upon the donor's death.
Charitable Trusts in Rantoul, Illinois
Charitable trusts are arrangements that involve handing possession (but not always ownership) of money or property over to a charity, either during the donor's life, or after their death.
In a charitable trust, the property is still technically owned by the donor, but the recipient retains possession and control over it. As the trustee, the charity is free to use the money for any purpose laid out in the trust agreement. With a charitable trust, trustees are usually only permitted to use the money to advance their organization's charitable mission.
If a person decides to set up a charitable trust in Rantoul, Illinois, they typically 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 (typically 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 Rantoul, Illinois Attorney?
If you wish to set up a charitable trust, you should consult with the organization directly. They frequently know the easiest way to direct any charitable giving to their organization. You should also speak with a knowledgeable trusts and estates attorney in Rantoul, Illinois, who can help ensure that your intentions are carried out.