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Developing an appropriate estate plan to preserve and protect assets is a concern for many people.  Individuals with a high net worth in particular may be concerned with finding the best way to protect their assets now so they may be assured that the inheritance is available for their children.  One estate planning option to consider is an irrevocable trust.  There are several advantages to this type of trust, although it may not be appealing to everyone.

Irrevocable Trust vs. Revocable Trust

A trust is a fiduciary arrangement in which a person, or grantor, gives authority to a trustee to hold the title to the grantor’s assets for the benefit of a third-party beneficiary.  The difference between an irrevocable and revocable trust lies in the ability of the grantor to make changes to the trust once it has been established.

A revocable trust allows the grantor to make changes to or terminate the trust, and thus retain control of their assets, as long as they are still alive and competent.  By contrast, an irrevocable trust typically cannot be changed or terminated without the consent of the beneficiary.

Why Would Someone Choose an Irrevocable Trust?

This type of trust offers solid asset protection for the beneficiary.  The money placed in the trust may be specified for use, such as education or a wedding, and is actually removed from the grantor’s estate while they are living.  They can provide a number of benefits including:

• Assets are protected from judgments or creditors
• Taxable assets are removed from the estate, allowing for estate tax exemptions for the grantor
• Assets may be gifted to children with less tax implications

There is an obvious drawback of losing control over assets that would make this option unappealing to some people.  However, for some, an irrevocable trust may be a sound financial decision.  Due to the intricacies of this type of trust, working with an attorney who is well-versed in estate law is highly suggested.  Churchill, Quinn, Richtman & Hamilton, Ltd attorneys have extensive experience protecting and preserving our clients’ wealth to pass on to future generations and specialize in determining which estate planning options are best-suited to each individual.  Contact us at 847-223-1500 to learn more.

Additional resources referenced here and here

Turning a great idea into an actual business can be an exciting undertaking.  However, properly executing your plan can sometimes be a challenge.  If you have decided to launch a new business, it is very important to pay attention to some key legal issues that often are overlooked.

Business Structure

When forming a new business, selecting the correct business structure (legal category or status) is crucial for its success as it will determine how the business will operate.  Common business structures include Sole Proprietorship, Partnership, Limited Liability Company (LLC), C Corp or S Corp.  The structure you choose will affect your personal liability, how much you pay in taxes, which paperwork gets filed and the ability to raise money.

Business Name  

Choosing a name for your new business can be one of the most exciting, personal decisions in the process and it should be done with care for a number of reasons.  Selecting a name that best represents who you are as a company and what you offer can help the business become more successful.  Legally, it is very important to register your name in order to protect it.  This should be done at the state and federal level, as well as online with a website domain name.

Licenses

In order to legally operate your business, you must obtain the proper licenses, permits and tax registration.  Different licenses will be required depending on the nature of your business, such as general operating licenses, liquor licenses, health permits, zoning or land-use permits, etc.  It is always recommended that you speak to an attorney to verify what is legally required for your specific situation.

Employee Issues

If you plan on hiring even one employee, you need to work out some important details.  Determining if they will be independently contracted or on your payroll, completing the appropriate employment forms, developing an employee handbook which specifies employment policies, preparing non-disclosure agreements to ensure your company secrets remain protected and being aware of important employment laws are all factors to consider when others will be working for you.

Neglecting any of the above issues can result in fines, tax complications, lawsuits or even closure of the business.  While the legal details of starting a new business can seem very overwhelming, you can be confident in the attorneys at Churchill, Quinn, Richtman & Hamilton, Ltd.  We have decades of experience helping thousands of clients successfully complete the process, thoroughly explaining what needs to be taken care of and answering any questions along the way.  Contact us at 847-223-1500 and talk with our experienced attorneys to discover how we can serve as a valuable resource throughout the life of your business.

Additional resources referenced here and here

Most people need to secure a mortgage loan when purchasing a home, using the property as collateral.  The terms of a mortgage loan require the borrower to make timely monthly payments in order to remain in compliance.  When a borrower fails to make one or more payments, the lender may initiate foreclosure proceedings in an attempt to recover the mortgaged property.  Here are some frequently asked questions regarding mortgage foreclosure:

What is the Process of Mortgage Foreclosure?

Typically, when a borrower misses several payments, the lender will send an official notification to the borrower, that has been recorded with the county, stating that they are in default of their loan agreement and are facing foreclosure.  If the loan is not brought current within three months, a foreclosure date is set.  The notice of sale is provided to the homeowner, posted on the property, recorded with the county and published in the local newspaper.  On the established date of the trustee sale, the house is auctioned off to the highest bidder, who then receives the deed to the property.

Can Anything Be Done to Stop the Process?

If a borrower is delinquent on their payments, oftentimes the lender will offer new payment alternatives that can help them become current and avoid foreclosure.  They might allow temporary partial payments, modify the original loan agreement with a lower rate or a longer repayment term, or agree to a temporary stop in payments while creating a new payment plan.

How Will a Mortgage Foreclosure Affect a Credit Report?

A mortgage loan is one of the most significant items on a credit report, so a reported foreclosure can have very damaging effects.  It will decrease the likelihood of being approved for another loan or credit card, and will almost certainly result in a higher interest rate if approved.  It can also make it difficult to get a job or rent an apartment, as both often require a credit check.  Unfortunately, once reported, it will remain on a credit report for 7-10 years.

Is an Attorney Recommended to Help With a Foreclosure?

YES!  If you are facing foreclosure and want to keep your house, you should hire an attorney as soon as possible.  The earlier your attorney gets involved, the more choices are available.  A lender is not required to offer repayment options, but a qualified attorney can help work out a deal or help you understand your options for bringing your loan current.  Your attorney can also help ensure that the lender is legally following all of the rules, and can represent you in court or mediation.

Churchill, Quinn, Richtman & Hamilton, Ltd attorneys have successfully represented many clients throughout the foreclosure process, analyzing each specific situation to determine the best course of action.  Contact us at 847-223-1500 to learn how we can help you obtain the best possible outcome to your impending foreclosure.

Additional articles referenced here and here

Company secrets, business models, product formulas and other confidential pieces of information are exchanged every day among corporate colleagues.  It is a necessary part of conducting business, but if a company’s secrets got out, it could mean financial devastation.  A non-disclosure agreement helps ensure that sensitive information is not disclosed to any unauthorized individual.

What is a Non-Disclosure Agreement?

A non-disclosure agreement, also known as an NDA, is a legal document in which a person agrees to not disclose confidential or protected information they receive in the course of doing business.  The NDA will specify what information is protected and the length of time that the employee is required to withhold releasing the information.

Why is a Non-Disclosure Agreement Important?

New product development at established companies, innovating new ideas at startup companies, or obtaining new investors, clients or suppliers all require the ability to openly exchange privileged  information among the individuals involved.  Having an enforceable NDA allows for the necessary communication between the appropriate parties without sacrificing proprietary or sensitive information.

What Happens if you Violate an NDA?

Often times, it depends on the company.  If the violation has not resulted in a significant loss to the company, they may decide to not take action against the offender.  However, it is completely within the company’s rights to prosecute to the full extent of the law according to the terms set forth in the NDA, including payment of financial damages and related costs and even criminal charges.

The attorneys at Churchill, Quinn, Richtman & Hamilton, Ltd have successfully represented companies whose confidentiality rights have been compromised, as well as individuals who have been accused of violating the terms of an NDA.  The laws surrounding this issue are complex and should be handled by an attorney experienced in this type of defense.  Contact us at 847-223-1500 to learn more about our prior successes in non-disclosure matters for both employers and employees.

Additional information can be referenced here

A smart business owner knows that no matter how much time and effort is put into safeguarding the business, there is always the possibility that a legal issue may arise.  In order to protect the integrity of your investment, it is important to have an attorney on hand to provide support in any number of situations.

Lawsuits

These days, people will sue for anything and everything if they think there will be a big payout at the end.  The more successful the company, the more likely they are to face the possibility of a lawsuit.  But even small businesses are not immune, so no matter the size of the company, having a good attorney in place BEFORE a lawsuit is filed will provide the best protection and help to avoid them in the first place.

Employee-Related Issues

As soon as you hire the first employee, you open the company up to a variety of personnel issues that can arise, and the chance of problems just increases as the workforce gets bigger.  Everything from hiring procedures and employee documentation to discrimination lawsuits or workers’ compensation claims can all be better handled with a qualified attorney on your side.

Preparing Legal Documents

Certain company documents that play an essential role in protecting the interests of the business as well as the owner should always be prepared by your attorney.  The company can face liability issues if items such as company bylaws, employee agreements, business contracts, or privacy policies are not legally accurate.

State and Federal Compliance

As a business owner, there are certain rules and regulations that must be followed in order to remain compliant on a state and federal level.  Having an attorney that is knowledgeable in local, state and federal laws that pertain to your industry can help ensure that your company avoids violations, along with penalties and fees.

There are many more reasons to use an experienced attorney in order to keep your business protected.  At Churchill, Quinn, Richtman & Hamilton, Ltd, our clients range from small, family-owned businesses to large complex organizations that require a wide range of legal services.  We can assist with business transactions including stock/asset purchases or sales, mergers and acquisitions, financing, succession planning and more.  Contact us at 847-223-1500 to learn more about how we can help your business.

 

Referenced article here

Join us for Great Networking!

Feb. 28th from 4:30pm to 7:30pm at the Grayslake/Round Lake Area Chambers’ February Networking Mixer.

The event is being hosted by Churchill, Quinn, Richtman, & Hamilton Ltd.

As an individual or a company, you purchase insurance to provide protection in the form of offsetting incurred costs associated with an accident, illness or other catastrophic event that could otherwise result in serious financial hardship.  After dutifully paying monthly premiums, it can be extremely frustrating to have an insurance claim denied.  Although it might feel like fighting an uphill battle, it is possible to get a denial reversed.  A qualified attorney, like those at Churchill, Quinn, Richtman & Hamilton, Ltd, can make a difference in whether you emerge victorious in your insurance claim dispute.

Insurance Policies Vary  

Each insurance carrier has their own set of rules and exclusions, and they can vary greatly between companies.  What is covered, what is not covered, and under what circumstances, are all specified within the policy itself.  When a claims adjuster denies a claim based on his or her interpretation of the terms, this is when disputes can arise between the insurance company and the insured party.  But once an insurer has made a decision, it can be difficult to get that decision changed.

Why a Claim Might Get Denied

A claims adjuster will deny a claim if he or she believes that the claim does not meet their criteria for approval.  Some examples of reasons for denial include:

• The claim exceeds the policy coverage limits
• You are filing a claim for coverage that you did not purchase as part of your policy
• You misrepresented information when applying for the insurance policy
• The insurance company suspects fraud
• Important details have been left out of the filed claim
• The claim was not filed on time

What You Can Do to Dispute a Denied Claim

When an insurance claim has been denied, and it represents a significant amount of money, it is a good idea to gather as much evidence and documentation as possible that supports your claim and hire an attorney to assist in getting the decision overturned.  An attorney can help you to understand why the claim was denied and what your options are for legal recourse.  Being able to read, understand and apply the language in an insurance policy takes a high level of skill and expertise and can be the deciding factor in successfully disputing an insurance claim.  The attorneys at Churchill, Quinn, Richtman & Hamilton, Ltd have that kind of experience and can help you get the results you want.  Contact us at 847-223-1500 for more information.

 

Referenced articles HERE and HERE

While not a pleasant thought, it is important to understand that there may come a point in life when you might be unable to make medical decisions for yourself.  If you were to become terminally ill or severely injured and are unable to speak for yourself, doctors and loved ones may be left with the responsibility of making medical decisions on your behalf.  A living will is one way to make your final wishes known.

What is a Living Will

A living will is a document that is prepared in advance as a directive to doctors or caregivers that details your wishes as they pertain to end-of-life medical care, in the event that you are unable to communicate them on your own.  It explains your desire for life-saving treatments and whether you want to be kept on life support or not, thereby relieving loved ones of making the decision for you.  This document is different from a standard will, and has no power after death.

What to Consider When Preparing a Living Will

Serious thought needs to be put into the preparation of a living will.  You need to think about which treatments you would want to extend your life, and if there are any circumstances in which you would not want life-saving procedures.  Decisions regarding being placed on a medical ventilator, as well as organ and tissue donation should be addressed in the document.

Creating a Living Will

A living will is only valid if it is prepared correctly according to specific state laws, therefore this important document should be prepared by an experienced attorney, like those at Churchill, Quinn, Richtman & Hamilton, Ltd.  We will help guide you through the process of making the necessary thoughtful, informed decisions that this document requires.  Contact us at 847-223-1500 for more information.

Referenced article here

Small businesses often need to rely on loans to get started or to cover daily expenses such as inventory, rent or payroll while working to take the company to the next level.  While a small business loan may be necessary to grow and expand a business, they are not always easy to obtain.  Here are a few things a business owner can do to improve the likelihood of an approval.

Be Well-Prepared Before Starting the Application Process

In order to make a good impression in the eyes of a lender, it is best to be fully prepared when applying for a small business loan.   Make sure your records are organized so if a bank requests a piece of information, you can provide it in a timely manner.  Check your credit score before applying so you can correct any credit errors and maximize your credit score before a bank requests the report.  It is also a good idea to do your research on the various loans available to make sure you understand the criteria for such factors as credit score, business duration or annual revenue.

Have a Specific Plan

Regardless of a lender’s criteria, you should first meet with your financial advisor to determine exactly how large of a loan you need, and how large of a payment you can handle, even if you might qualify for more.  You will also need a detailed plan for how you will use the money if you want a bank or investor to consider a loan.  Some typically acceptable ways to use a small business loan would include inventory purchase, business expansion, administrative expenses and capital investment.

Use a Qualified Attorney

Before entering a legally binding contract that could have a serious impact on your business, you should always consult with an attorney who has experience in business law.  They can help educate you on the best loan options available as well as assist and advise you throughout the entire application and closing process.  The attorneys at Churchill, Quinn, Richtman & Hamilton, Ltd. have years of business law experience that will be an invaluable resource in obtaining your small business loan.  Contact us at 847-223-1500 to learn more.

Referenced article here

 

A court-appointed guardian is someone who has been granted authority by a court to care for and take responsibility for making decisions for another person.  A guardianship may be granted if a court finds that the person is legally incapacitated or in some way unable to provide for his or her necessities in life.  There are different circumstances for appointing a guardianship, based on whether the person is an adult or a minor.

Guardianship for Adults

Many older adults have long periods toward the end of their life when they’re not able to make decisions for themselves.  This could be because of a physical incapacity, mental deterioration, mental illness, or a developmental disability.  Guardianship may be appointed in order to help make decisions regarding his or her care or to assist in managing his or her financial affairs.  It is not always easy for a judge to determine if a person is capable of making their own decisions, or to decide who the best choice is to be the guardian.  An experienced attorney, like those at Churchill, Quinn, Richtman & Hamilton, Ltd will help guide you through the process and will keep you informed of all the necessary legal steps that must be taken to ensure a successful outcome.

Guardianship for Minors

The care of a minor is typically the responsibility of the parents.  However, if the parents pass away, or are unable or unwilling to care for a child due to factors such as drug use, mental illness or poverty, a guardian may be appointed by a court in order to ensure proper care for the child.  When guardianship is obtained, legal custody is transferred and the guardian becomes responsible for making personal decisions for the minor, obtaining necessary medical and dental care and enrolling them in school.  If both parents do not voluntarily agree to the guardianship, the legal process becomes much more difficult.

The process of obtaining guardianship can be lengthy and quite complex, involving the completion of many legal forms as well as appearances at court hearings.  For all of this, you will need the help of an attorney with guardianship experience.  The attorneys at Churchill, Quinn, Richtman & Hamilton, Ltd are extremely knowledgeable in guardianship matters for both adults and minors, and our extensive experience and background extends to every facet of the process.  Contact us at 847-223-1500 for more information or to schedule an appointment.

Referenced articles here and here

If you find yourself in a situation in which you require legal representation, you want to be assured that you have the best attorney by your side.  Seemingly straightforward cases may not actually turn out that way once you get to court, and more complex cases that involve a longer process may be difficult to impossible to navigate alone.  Working with a qualified attorney can make all the difference in your legal success, and these factors can help you determine which attorney is right for you.

Experience

When choosing an attorney, consider the amount of experience they have, as well as the specific types of law they practice.  Whether you need representation in court, or assistance in appealing property taxes, make sure your attorney has the knowledge to take on the task successfully.  Churchill, Quinn, Richtman & Hamilton, Ltd specializes in several different areas of law, including litigation, real estate, estate planning and business law, which allows us the opportunity to serve a wide range of client needs.

Size of the Firm

Larger is not always better when it comes to a law firm.  Large firms may have the manpower and resources to take on more cases, but you may end up losing personal, prompt attention.  At Churchill, Quinn, Richtman & Hamilton, Ltd., we have been on the same street corner for over 100 years and we proudly combine large firm experience with the atmosphere of a smaller practice.  We consistently provide high-caliber legal services, while treating our clients with honesty and respect.

Comfort Level

You should always feel comfortable in the presence of your attorney.  It is imperative that you are able to ask any questions you may have, and that you have trust in the answers you receive.  Establishing this comfortable relationship and open communication will allow you to share all of the important information that your attorney needs in order to properly represent you and prepare for your case.

At Churchill, Quinn, Richtman & Hamilton, we have worked hard to earn the trust and respect of our community.  Contact us at 847-223-1500 or visit dev-cqrh.pantheonsite.io for more information.

Referenced article here

If you own, or are thinking of purchasing, a piece of land and you want to build a new structure on that land, you must understand zoning laws and how they affect what you are legally allowed to do with it.

The Basics of Zoning

Zoning is the legal process of dividing land into zones for different uses.  Zoning laws regulate the land and any structures located or built on it, and they exist to protect the health, safety and general welfare of people in regards to the land.  Zones are established in order to determine the most appropriate uses for land, keeping in mind the best interests of citizens, while also allowing for development of cities and infrastructure.

Zoning Changes

If the property in question has already been zoned (as commercial, residential, or agricultural, for example), but building on it would not comply with the rules set forth for that classification, a legal zoning change must be approved.  For example, purchasing farmland that is zoned as agricultural with the intention of building a new housing subdivision would require rezoning to residential use.  Zoning changes require governmental approval, which can be a difficult process.  A qualified attorney, like those at Churchill, Quinn, Richtman & Hamilton, can assist in thoroughly preparing your case to present to the planning and zoning board, likely improving your chances of approval.

What is Required for a Zoning Change Approval

Zoning committees put a lot of thought into how properties are zoned and they have the best interest of the community in mind.  When considering a zoning change, they typically look at how it will affect the surrounding area and its citizens.  Factors such as the amount of new traffic that would be created, the aesthetic component and expected tax revenue could all be considered.  Public opinion can also play a big role in the approval process, with groups such as homeowners associations, school boards, parent groups and others all contributing their input to the decision.

Completion of required documents, committee presentations and community acceptance are just some of the many hurdles that need to be overcome in order to successfully be granted a zoning change.  At Churchill, Quinn, Richtman & Hamilton, we can provide our knowledge and experience with successful zoning appeals to help you succeed in advancing your project.  Contact us at 847-223-1500 for more information.

Referenced articles HERE and HERE

Defending yourself in court is not where most people want to end up, and having a judge rule against you is never the desired outcome.  However, a judge’s decision does not always have to be final, and there are sometimes ways to challenge the decision and try to obtain a ruling in your favor.  This appeal process is often lengthy and complex, and the best chance you have of winning is to have a qualified attorney by your side.

What is an Appeal

If you lose a case or are unhappy with part of a decision made by a lower court, an appeal is a request for a higher court to review the case and reverse the decision.  The higher court will not give you a new trial – they will just look at the evidence that was already presented and determine if any mistakes were made during the original trial.

You cannot file an appeal just because you don’t like the verdict, however.  Acceptable reasons for appeal include:

• Evidence in the case that did not support the verdict
• An unfair trial
• Legal errors made by the judge

What the Court Can Decide

After the appellate court judges have completed their review, they can make the following decisions:

• Affirm – The court agrees with and upholds the decision of the lower court
• Reverse – The court disagrees with the lower court’s decision, and the appeal is won
• Remand – The court sends the case back to the lower court to consider new evidence or hold a new trial
• Reverse and Remand – The court disagrees with what happened in the lower court and sends it back to be corrected

Why a Good Attorney is So Important

The process of appealing a case is very complicated and there are many specific rules that need to be followed.  There are numerous legal documents that need to be prepared and filed along the way, and a mistake on any of them can get the case dismissed.  The better prepared your attorney is, and the more experience they have with avoiding critical errors by applying the right strategies throughout the process, the more likely your chance is of winning your appeal.

Contact Churchill, Quinn, Richtman & Hamilton, Ltd. at 847-223-1500 to speak to one of our knowledgeable attorneys who can explain how to successfully navigate the appeal process.

Referenced articles HERE and HERE

The annual tree lighting event in downtown Grayslake is the perfect occasion to take part in the TOYS FOR TOTS toy collection campaign and help bring JOY to a child in need this holiday season!

It is also the perfect time to THANK a Marine for his service, as we will have the honor of two Marines joining us to help make our campaign successful.

Churchill, Quinn, Richtman & Hamilton, Ltd. will open their doors at 2 S. Whitney Street during the event on November 23, 2018 from 4:30pm until 7:00pm so you can bring in your new / unwrapped toy.  Or if you do not have a toy, but would still like to contribute, cash donations are always welcomed!  There will be cookies and hot chocolate provided to all those who donate. This is truly a wonderful opportunity to help give hope to less fortunate kids on Christmas through this time-honored foundation.

Be sure to take part in all of the festivities happening at this event.  Watch as Santa himself lights up the tree at Whitney & Center Street!  You can visit with Santa at the Grayslake Oasis before or after the tree lighting, then enjoy some arts & crafts, holiday movies, sleigh rides and more.

For questions about the Toys For Tots toy collection, please call Churchill, Quinn, Richtman & Hamilton, Ltd. at 847-223-1500.

 

For more details on the event, visit http://business.grayslakechamber.com/events/details/tree-lighting-festival-holiday-market-696

For information on the Marine Toys For Tots program: https://www.toysfortots.org/

Many people prepare wills that determine how their wealth will be distributed among their heirs after they pass, but what is the best way to pass along assets to your kids while still living, and avoid possible penalties that might accompany such gifting?  Here are some ways to transfer wealth to your family in the form of gifts.

Help With Education and Medical Expenses

You can gift money to grandchildren and other family members by contributing to a 529 college savings plan account, which can be used for qualified education expenses.  Or you may also make direct tuition payments to an educational organization on behalf of your family member and it would not be treated as a taxable gift.  Likewise, medical expenses are also not subject to the annual gifting limit when paid directly to the provider, and helping to cover these expenses can do a lot to ease someone’s financial burden.

Fund Retirement Accounts For Children

Give your children or grandchildren a head start on savings by making contributions to a retirement account for them, and you can start as soon as they have taxable earned income.

Fund an Irrevocable Gifting Trust

Instead of an outright gift, these accounts allow you to gift money to your kids in trust, with instructions to the trustee on how the gift may be used to the child’s benefit.  This is a good option for a minor child, or for an adult child that cannot responsibly handle a large sum of money on their own.

Give Gifts Up to the Annual Gift Tax Exclusion Threshold

If you have enough resources to live comfortably, consider gifting the maximum amount to your heirs now, rather than waiting until you are gone.  Gifting annually up to the maximum threshold can make a huge impact on the quality of life of your heirs, allowing them to pay off debt, start a business, or better plan for their futures.

Whatever gifting option you choose, always talk to your attorney first as there are always limitations to each option as well as possible tax implications you might need to be made aware of.  The attorneys at Churchill, Quinn, Richtman & Hamilton have extensive experience protecting and preserving clients’ wealth for their current needs, as well as for their heirs.  Contact us at 847-223-1500 to discuss your best options for protecting and distributing your wealth.

Full referenced articles HERE and HERE

Bringing the Magic of Christmas to Kids in Need

Churchill, Quinn, Richtman & Hamilton is proud to announce that we will serve as a drop-off location for Toys For Tots during this holiday season.  From now until December 15^th, 2018 we will be accepting donations of new/unwrapped toys at our office, located at 2 S. Whitney Street in Grayslake, during the hours of 8:30am – 5:00pm, Monday through Friday.

Toys For Tots Mission

The mission of The Marine Toys For Tots Foundation is to help bring the joy of Christmas and send a message of hope to America’s less fortunate children, by providing the gift of a new toy.  This goal is accomplished through the support of local collection sites, and we are honored to have been chosen to represent this incredible charity.

The success of this program depends on the generosity of our community, and we are asking our friends and neighbors to please consider donating to this worthy cause.  Because every child deserves a little Christmas.

Please call our office at 847-223-1500 for more information.

For more information on the Marine Toys For Tots program: https://www.toysfortots.org/