Charitable Remainder Trusts

Illinois Charitable Remainder Trust Attorneys Headquartered in DuPage County

There are many different options available to those crafting a comprehensive estate plan. For those wishing to leave an inheritance to a favorite charity or multiple charities, a charitable remainder trust fund is an attractive option. These trusts offer benefits for both the donor (also called the grantor) and the charity. At the law firm of Momkus McCluskey, LLC, our estate planning attorneys are experienced in working with charitable remainder trusts. A progressive law firm, we work closely with clients to create a unique estate plan that meets their goals and addresses their concerns.

Benefits of Charitable Giving Through Estate Planning

One of the most common concerns of those creating an estate plan is minimizing estate tax liability. A charitable remainder trust offers a prime opportunity for those with substantial estates to support causes they believe in, provide lifetime income for themselves and their lead beneficiaries and reduce or eliminate estate taxes.

There are several variations on charitable remainder trusts, but the basic operating principal is consistent. The donor establishes the trust either during his/her lifetime or through a will. The assets in the trust are used to benefit the donor (if established during the donor's lifetime) or the lead beneficiaries (if established after the donor's death). After the death of the donor or lead beneficiaries (or after the specified lead time expires), the assets in the trust pass to the charity.

Using a charitable remainder trust allows the donor to avoid capital gains taxes and enjoy an income tax deduction for charitable giving. Additionally, assets in a charitable remainder trust are not considered towards estate tax calculations, which will reduce and may eliminate federal estate tax liability. At Momkus McCluskey, LLC, our attorneys are skilled in using this and other strategies to help our clients preserve their estates and ensure a lasting legacy. One of the largest firms in DuPage County, we have offices in Lisle and downtown Chicago.

To schedule a consultation with an experienced estate planning attorney skilled in working with charitable remainder trusts, contact Momkus McCluskey, LLC.