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Managing Director

G. Timothy Leighton

Tim Leighton counsels Clients in Central Illinois and metropolitan Washington, DC on trusts, wills, probate, business, charitable and tax matters.

Tax Exempt Organizations and Planned Giving

Not-for-profit organizations, sometimes referred to as "charities", serve important roles in our communities. A lot of planning and paperwork is necessary to be legally recognized as a charitable organization. These organizations must abide by a strict set of rules put in place by the IRS and State of Illinois in order to qualify for and maintain their status as a tax-exempt charitable organization. You can reduce the risk of your organization being non-compliant with government agencies and lift the burden of handling these tasks alone by engaging us to assist you with these duties. Leighton Legal Group has helped over fifty organizations receive and maintain charitable status with the IRS and State authorities.

Not only can we help you create and implement procedures to meet these ongoing obligations in a timely manner, but we also can assist an organization in handling the many challenges it may face, including contracts, intellectual property rights, records retention and risk management. Even organizations that have been around for a number of years can benefit from a comprehensive legal audit to identify areas of exposure and concern.

In addition to creating and maintaining a not-for-profit organization, there are also situations when a Client can better achieve tax-exempt objectives through the use of charitable or philanthropic trusts or estate planning. We help you define your goals and determine which route to take to benefit your organization. You can find more information about charitable and planned giving in the section below.

When you are ready to start creating a new not-for-profit organization or if you would like Attorney Leighton to review your existing organization, call us at (309) 828-7600 to set up a 30-minute courtesy initial consultation.

 

Planned Giving

Planned giving is a way for donors to support tax-exempt organizations and charities, often through financial gifts. While donors typically set up these gifts during their lifetimes, the benefits are often paid out to the recipients as the plans of the donors are being implemented.

Whether the gift takes the form of cash, stock, real estate, life insurance, or something else, there are numerous tax benefits for both the donor and the charity. For example, in choosing to make a planned gift, donors receive charitable deductions for a substantial portion of the market value of the gift, and they typically pay no capital gains tax on the gift. The charity benefits from the receipt of the gift.

Planned gifts allow donors to share their wealth with those in need and organizations whose missions they support. Leighton Legal Group is available to help Clients through the process. To learn more and start your planned giving journey, please give us a call at (309) 828-7600 to set up a 30-minute courtesy initial consultation today.