Strategic planning offered for private trusts and foundations
Your charitable dollars can go further, provide greater benefit, and end up exactly where you want them if you establish a long-range philanthropic plan. At First American Bank, we can customize your overall giving strategy as well as offer our services as a corporate fiduciary and investment manager for trusts and private foundations.
Charitable Remainder Trusts
- Create a source of income for a set time period with the ultimate intention to leave a gift to your favorite charity.
- A charitable remainder trust pays you, you and your spouse, or someone else that you have chosen, an income for life or a period of years.
- The trust ends at the death of the last income beneficiary (or earlier if that is what the trust specified), and the charity receives the trust asset.
Charitable Lead Trusts
- Create a mechanism to make regular gifts to your favorite charity.
- A charitable lead trust pays income to the charity of your choice for a set period.
- At the end of the period, the trust assets pass to the person you have named as the trust’s remainder beneficiary, such as your child or grandchild.
- An excellent way to establish a lasting charitable legacy with income and estate tax benefits.
- A private foundation can be in the form of a trust or entity. The foundation is managed per the terms of the governing documents which you established during your lifetime.
- The governing body oversees grants to charities, compliance and tax matters and the overall investment strategy of the foundation’s assets.
Private Foundations Seeking Grant Applicants
First American Bank administers the application process for several charitable trusts. Grants are generally restricted to organizations located in the greater Chicago metropolitan area which often have difficulty receiving similar funding from other sources.
Andrew and Alice Fischer Charitable Trust
Funding priorities for the Andrew and Alice Fischer Charitable Trust include:
- Funding for education for physically, emotionally, financially and/or developmentally challenged individuals
- Programs benefiting children
- Programs benefiting senior citizens
- Programs benefiting United States veterans
- Apply for funding
Guy A. and N. Kay Arboit Charitable Trust
Funding priorities for the Guy A. and N. Kay Arboit Charitable Trust include:
- Supports education efforts for the underprivileged
- Cardiac and cancer medical research and programming
- Religious or religious charitable activities, particularly those related to the Catholic Church
- Apply for funding
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