Charitable Giving in Tinley Park, Illinois

Find the right Charitable Giving attorney in Tinley Park, IL

In Tinley Park, 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 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 Tinley Park, Illinois

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

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.

The most prevalent type of charitable trust in Tinley Park, 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.

If you wish to set up a charitable trust in you should check with the IRS and equivalent state agencies to ensure that the charity you want to help is registered with them. This will help make sure that your money is used for a good cause (and not to line somebody's pockets) and that your contribution will be tax-deductible.

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

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

Life in Tinley Park

With a population of over 59,000, Tinley Park is one of the fastest growing suburbs of Chicago. The village is located mostly in Cook County, Illinois, though some of it overlaps into Will County. Tinley Park was chosen by Business Week as the best place in America to raise a family in the year 2009.

Tinley Park received its first economic impulse in the early 1900's with the introduction of railroads. Several industrial companies opened their establishments in the area, providing many jobs and activities for residents. Recently Tinley Park is known for its high-pace residential development which has led to its continued population growth.

Visitors to Tinley Park are usually welcomed with a hefty dose of artistic and recreational opportunities. A main venue for concerts is the First Midwest Bank Amphitheatre, formerly known as The World Music Theater. It is an outdoor venue which seats 28,000. Additionally, a Tinley Park Arts Council has been created for the purpose of promoting and supporting the arts and events in Tinley Park.

Lawyers in Tinley Park, Illinois will usually file your legal claims in the Cook County Circuit Court. Tinley Park lawyers are prepared to assist clients in a wide array of legal issues and disputes.

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