Illinois Estate Planning Attorneys for Charitable Giving

DuPage County charitable donation lawyer tax deductions

Lawyers for Charitable Trusts, Bequests, and Donations in the Chicago Area

During the estate planning process, you will make decisions about how your assets should be distributed to your beneficiaries. In addition to addressing how you would like to pass physical property or financial assets to your loved ones, you may also want to determine the best ways to support causes or organizations that are important to you. Charitable giving is a key part of both legacy planning and tax planning, and by addressing these matters properly, you can not only put money toward a good cause, but you can also realize a variety of financial benefits.

At The Gierach Law Firm, LLC, we can help you understand the options available when creating an estate plan, and we will work with you to determine the best ways to give to charity while protecting your financial interests and providing for your family’s needs. With more than 30 years of experience, our attorneys know how to make use of the available estate planning tools, and we are ready to work with you to create a lasting legacy that will have a positive impact for years to come.

Strategies for Charitable Giving

Giving to charity will allow you to support causes that are important to you and your family members, and it can help your family name live on. With the proper planning, you can give to charity both during your life and after your death, and you may be able to reduce the capital gains taxes or estate taxes you would be required to pay. This may allow you to give larger gifts than would be possible otherwise, and it can also provide you with a stream of income that will allow you to support yourself throughout the rest of your life.

Some options for charitable giving that you may want to consider as part of your estate plan include:

  • Charitable bequests – A charitable organization may be named as one of the beneficiaries in a will or trust. This can ensure that a specific dollar amount or a certain percentage of assets will be donated to a charity after your death. 
  • Charitable trusts – Assets held in these types of trusts can be distributed to charities in multiple different ways. By placing assets in a charitable remainder trust, you and your beneficiaries can receive income from the trust throughout the rest of your lifetime, and after your death, the remainder of the assets will be donated to charity. A charitable lead trust can be used to make donations for a certain number of years, after which the remainder of the assets will be distributed to your beneficiaries. You can also use donor-advised trusts, which have less paperwork and tax forms to file, and will allow you to train your children on how to support charities with the money that you have left in that trust. Charitable trusts may allow you to avoid capital gains taxes and make use of other tax deductions.
  • Gift annuities – These types of arrangements allow you to donate funds or assets to a non-profit organization, and in return, you can receive a fixed annuity payment for the rest of your life or for a term of years. In addition to avoiding capital gains taxes, this may also allow you to take a partial income tax deduction.
  • Beneficiary designations – By naming a charity as a beneficiary of a life insurance plan, retirement account, or pension, you can ensure that some of these assets will go to a good cause after your death. 

Contact Our Naperville Charitable Planning Attorneys

If you plan to make charitable giving a part of your estate plan, The Gierach Law Firm, LLC can help you determine the best strategies for doing so. In addition to the methods described above, we can help you understand the benefits of making donations of real estate property, financial funds, or other assets during your lifetime. We can also help you set up a family foundation or community foundation, giving you even more control about how your assets will be used to support a good cause. To learn more about how we can help you create a strategy for charitable giving, contact us Naperville by calling 630-756-1160 or in Hoffman Estates at 847-519-0505.

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