Charitable Giving in Streamwood, Illinois

Find the right Charitable Giving attorney in Streamwood, IL

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

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

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 frequent 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 Streamwood, Illinois

Charitable trusts are normally used for very large donations, and can be made during the donor's life, or after their death.

Under a charitable trust, the money going to the charity technically still belongs to the donor. However, the charity, acting as a trustee, has authority to use it for charitable purposes (what the money can and can't be used for should be clearly laid out in the trust).

In Streamwood, Illinois, a "charitable remainder trust" is the most common kind of charitable trust. This authorizes the money or property to immediately pass to the charity of the donor's choice, so they can benefit from it as soon as possible. The charity takes the money, and invests it (typically in reliable, but not necessarily high-yield, investments). They keep most of the income that this generates, but return a portion of it to the donor on a regular basis, for a set period of time. When this time runs out, the original donation, along with all the income it will generate, becomes the legal property of the charity, to dispose of as it pleases.

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 Streamwood, Illinois Attorney?

If you wish to set up a charitable trust, you should consult with the organization directly. They commonly know the easiest way to direct any charitable giving to their organization. You should also speak with a brilliant trusts and estates attorney in Streamwood, Illinois, who can help ensure that your intentions are carried out.

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

Life in Streamwood

Streamwood is located in Cook County, Illinois. It is one of Chicago's many suburbs. Surrounding suburbs include Hanover Park and Bartlett. Together, these three suburbs make up "Tri Village."

Streamwood is filled with many famous and beautiful churches, include the Grace Bible Church, St. John the Evangelist Catholic Church, Truelight Lutheran Church, and Faith Missionary Baptist Churt.

Other popular sites are located in Streamwood's Park District. Park District is home to many recreation centers and parks, including Rahlf's Woods, Dolphin Park and Hoosier Grove. The Park District also has Sunnyhill Park, 'The Barn' banquet Center, and Streamwood Heritage Museum.

Being so near Chicago, Streamwood residents have an extremely competent legal force to handle their legal matters. Chicago is home to many top ranked law firms that train ivy-league educated attorneys. Further, Chicago also has many small to mid-size law firms that train intelligent attorneys who focus on providing personalized legal services.

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