Illinois Charitable Trusts and Foundations Lawyers

Estate Attorneys for Minimizing Taxes in Chicago, DuPage County, and Throughout Illinois

Individuals and families wishing to leave some certain property to charity and simultaneously receive a significant tax break can accomplish this through various charitable trusts and foundations. These vehicles are typically set up by affluent individuals who want to give some of their assets to their favorite charitable causes while minimizing estate tax exposure for their families after they die. There are several trusts to choose from, and administration can be quite complex. To ensure you are setting up the right instrument to accomplish your specific purposes, it is best to work with an advanced estate planning lawyer.

Since 1988, Cisar & Mrofka, Ltd. has provided skilled guidance to wealthy individuals and families in the Chicago area on charitable trusts and foundations, trust administration, and other advanced estate planning strategies. Our attorneys have extensive experience setting up all types of trusts, and we have in-depth knowledge of the tax laws and other practical implications of each strategy. We work closely with our clients to thoroughly analyze their needs and create the most effective estate plan to accomplish their goals. Our depth of experience and highly personalized approach help set us apart and give our clients the confidence they are receiving the right plan for their specific circumstances.

We assist clients with charitable trusts, foundations and all other areas related to charitable giving as part of an advanced estate plan. This includes but is not limited to:

  • Estate and Gift Taxes
  • Umbrella Liability Insurance
  • Jointly Owned Property
  • Charitable Lead Trusts
  • Charitable Gift Annuities
  • Charitable Bequests
  • Retained Life Estates

Charitable Trusts

There are numerous ways to give to your favorite charity through a trust. Charitable lead trusts (CLTs) are effective vehicles to help affluent donors avoid federal gift and estate taxes. For example, using the annuity version of the charitable lead trust, you can place a large sum into the trust, designate a charity to receive annual payments from the trust for a set number of years, and distribute any remaining assets (at the end of the term) to your beneficiaries tax free. Charitable remainder trusts (CRT) are essentially a reversed version of a charitable lead trust. With a charitable remainder annuity trust, the donor provides a non-charitable beneficiary (such as a child or grandchild) a sum of money to serve as an income stream for a set number of years, with the remaining property in the trust given to a charity or private foundation.

Private Foundations

Wealthy families wanting carry on philanthropic work in the family name often choose to set up a private foundation. Individuals may receive an income tax deduction for contributions made during the lifetime of the founder. In addition, the estate of a decedent is allowed an unlimited estate tax deduction on assets that are left to the foundation. Private foundations are costly to set up and maintain, but for some affluent individuals and families, they can be an ideal vehicle to establish a lasting philanthropic legacy.

Charitable trusts and foundations can be used in conjunction with other instruments to develop a strong and comprehensive estate plan. However, because of the intricacies involved with advanced estate planning, it is important to work with lawyers that thoroughly understand this area of the law. For a personalized consultation with one of our skilled Illinois attorneys, contact our office today at 630-530-0000630-530-0000. From our offices in Oakbrook Terrace, we provide skilled counsel, advice and legal representation for clients in DuPage County, Cook County, Kane County, Will County and surrounding Illinois communities.

Practice Areas

  • IAWA
  • Water Environment Federation
  • Illinois State Bar Association
  • DuPage County Bar Association
  • American Bar Association