Implementing Charitable Trusts and Other Charitable Estate Planning Instruments
As the years pass, we begin to think more about our legacies and how we will be remembered. One way to create a lasting legacy for yourself is through charitable donations, either during your life or upon your death. Charitable giving can offer a number of tangible and intangible benefits to you, your loved ones and the people who benefit from your donations. An experienced estate planning lawyer can help you maximize the impact of your giving. We are the law firm of Brady & Jensen. Based in Elgin, we help clients across the Chicagoland area carry out charitable giving strategies.
Developing Charitable Lead Trusts and Charitable Remainder Trusts for Clients
One of the first things our law firm will do is develop an understanding of what you want to do with your estate. Two of the more common ways to leave a legacy for others are the charitable lead trust (CLT) or charitable remainder trust (CRT). Although these trusts are both irrevocable and accomplish similar goals, they achieve these goals through different means.
In a CRT, you or your intended beneficiaries receive income from the trust over your lifetime. Upon your death, the remaining assets of the trust, or remainder, goes to the charity of your choosing. A CLT works in reverse. The intended charity receives income from the trust over your lifetime. Once you pass away, the remaining assets go to your heirs.
In addition to trusts, there are other means of charitable giving through estate planning. Depending on your level of assets, you could establish a private foundation. Private foundations are tax-exempt organizations with a charitable purpose. One advantage to a private foundation is that you can appoint your loved ones to the foundation's board. You can also donate to charity through your will. Whatever your goals, we are equipped to help you accomplish them.
Contact the Estate Planning Attorneys of Brady & Jensen
To learn more about our knowledgeable approach to estate planning, call 866-930-2063 or e-mail us to schedule a free initial consultation.
