Charitable Giving in Urbana, Illinois

Find the right Charitable Giving attorney in Urbana, IL

In Urbana, 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.

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 Urbana, 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 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.

In Urbana, Illinois, a "charitable remainder trust" is the most recognized kind of charitable trust. This permits 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 (usually 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.

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 Urbana, 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 Urbana, Illinois lawyer handle these negotiations on your behalf, since they will likely understand the legal and financial complexities involved.

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

Life in Urbana

Urbana is located in Champaign County, Illinois. It has a population of over 41,000 people.

Some great sites to visit include Market at the Square, the Urbana Free Library, Station Theatre, Candlestick Lane, Lincoln Hotel, University of Illinois Arboretum, University of Illinois Conservatory and Plant Collection, and Krannert Center for the Performing Arts.

For all the nature lovers out there, Urbana has some beautiful parks. Such parks include Carle Park, Meadowbrook Park, Urbana Dog Park, and Anita Purves Nature Center.

Being so near Chicago, Urbana 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.

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

Gotham Light