Starting a nonprofit requires a wide range of legal and managerial tasks before it can open its doors for business. From the inception of an idea through opening day, a nonprofit must: Lawyer working with documents. Justice and law, attorney, concept. Man signing contract papers Choose an … [Read more...]
Do Charitable Trusts Pay Capital Gains Taxes?
One of the most popular options for estate planning in Illinois is a charitable trust, where an individual donates and transfers valuable assets to a charity to “hold” until the owner’s passing. You still “own” your property as an appointed trustee, or you can appoint someone else to do it. … [Read more...]
Getting Help Filing Form 990 For Your Chicago Nonprofit
Form 990 is the IRS form that nonprofits are required to fill out every year in order to file their tax returns. Formally known as IRS Form 990-T, the state of Illinois also has form IL-99-T for filing state income tax returns. Even if a Chicago nonprofit organization is exempt from taxes, it still … [Read more...]
The Illinois Charitable Trust Act Explained
Illinois’ Charitable Trust Act (Section 480.20) lays out the framework for the operations of charities in the state. The Charitable Trusts Bureau of the Attorney General's Chicago Office maintains the register of charitable trusts that have been registered with the state. Under the Illinois … [Read more...]
Should I Have A “Living Trust” Instead Of A Will?
Estate planning is something many people just put off, and try not to think about until they have to. However, there's a lot at stake. When you’re gone, you won’t be able to say anything about how your estate and your assets are divided up, and it’s not unheard of for a will to be contested by a … [Read more...]