Legacy in Action: A Fund for the Future of Chicago’s Green Spaces

Donors who have named The Chicago Community Trust as a beneficiary in their wills and trusts have made a lasting mark on the region for more than a century. Their generosity has supported the development and preservation of many of Chicago’s most treasured cultural institutions. Estate gifts also enable the Trust to continue to address the most pressing needs of our communities—from the Great Depression to the COVID-19 response.

Creating a lasting legacy is a true collaboration between donors and Trust staff—one that ensures an individual’s or family’s values will live on through thoughtful philanthropy and expert stewardship. Recently, Tom Schroeder and Rand Harris approached us about their desire to ensure the public could continue to enjoy Chicago’s wonderful parks. Tom, a Chicago native, is an estate planning lawyer who represents several high-profile Chicago families such as the Marshall Field family. Tom learned about the Trust and our work in the community through one our most generous donors – Marshall Field V. Rand. Tom and Rand have always believed in the importance of giving back. Together, they have supported many charities including Lutheran, women’s equality, and LGBTQ causes. 

As they were thinking about what type of mark they would like to leave on the world, Tom and Rand noticed that many of the facilities at Chicago parks, playgrounds, and beaches were broken or neglected. Fountains were no longer working. Public gardens were overgrown. They decided some of the assets of their estate would be used to acquire, restore, renovate, and improve Chicago’s parks and recreation spaces, and connected with the Trust to assist in making this vision a reality.

Tom and Rand determined that they would include a gift to the Trust in their estate planning documents, ensuring that their charitable intentions to preserve and enhance Chicago’s open spaces will be fulfilled. In consultation with Trust experts, Tom and Rand also created a donor advised fund (DAF) so they can support projects and organizations they care about now as well as in the future. After they pass, the DAF will convert to an endowed fund and the organization will administer it per the instructions in their trust.  

With their estate commitment, Tom and Rand also became members of the 1915 Society—which honors donors who have made the Trust part of their legacy. Most importantly, Tom and Rand’s generosity will have a lasting impact on Chicago residents and on the region’s green spaces for many years to come.

The Trust accepts a wide range of assets including real estate and personal property to establish estate gifts. To start the conversation about creating a charitable legacy, contact Don Gottesman, director of gift planning.