Charitable Planning

Serving Frederick & Montgomery Counties, and the surrounding Maryland communities

Charitable Planning


Charitable giving in the context of estate and gift tax planning takes many forms, and as with most tax planning, ranges from simple, outright gifts and bequests to more complex trust arrangements. As one example, a charitable remainder unitrust (sometimes called a CRUT) can enable a person to convert a non-income producing asset with significant potential capital gains liability into a fund that produces an income stream for life without liability for the capital gains tax. After creating such a trust, the person gives the highly appreciated asset to the trust where it is then sold. The trust reinvests the proceeds and pays the creator of the trust a specified amount, usually for life.

Because one or more charities designated by the trust creator is the ultimate recipient of the property remaining in the trust at its specified termination date, this planning technique allows the sale of the initial property to escape capital gains taxes, and also gives the donor current income tax deductions as well as estate tax savings.

Individuals who want to support a particular charitable cause but have reservations about leaving the monies outright to the charity often look to the Community Foundation of Frederick County, or a Community Foundation in the Baltimore or Washington areas. Community Foundations offer flexible tools to help clients fulfill their philanthropic goals while ensuring their gift benefits the chosen causes for the greatest period of time, or perhaps in perpetuity.

Practice Areas

Estate Planning & Probate Services

Trusts

There are numerous types of trusts, but the one about which clients most commonly inquire is the revocable trust.

Planning For Incapacity

Planning addresses a broad range of scenarios that can impact a person's care and his or her assets both during life and after death.

Asset Protection

The desire to protect assets often extends beyond concerns related to taxes. At times, the objective is to protect assets for one's own benefit.

Tax Planning

Our tax planning services focus primarily on the effective use of our clients' estate and gift tax exemptions, and strategies to transfer assets.

Charitable Planning

Charitable giving in the context of estate and gift tax planning takes many forms, and as with most tax planning, ranges from simple, outright gifts and bequests...

Entity Creation

Partnerships...We also assist in creating Corporations and Limited Liability Companies for traditional income tax and liability protection purposes.

Estate Planning And Probate Services

Personalized Estate Planning and Probate Services tailored to your family's specific circumstances and needs, your assets and your goals.

Our Clients Recommend Us...

Testimonial