By: Bridgette E. Becker, Esq., Associate Attorney
During the holiday season, many people become more conscious of charitable contributions or choose to make their yearly contributions as the calendar year comes to a close. As estate planning attorneys, we counsel our clients that you do not only have the option to give to charities and non-profit organizations during your lifetime, but you can also choose to leave a legacy by naming these organizations in your estate planning documents.
You have several options to utilize in your estate plan if you are charitably inclined. You may choose to designate a charity or non-profit as a beneficiary in your revocable trust or as a legatee in your will. You may choose to leave them a percentage of your estate or trust, a specific dollar amount or, if you prefer, your entire estate or trust may also be left to any charity, non-profit organization, or school. These organizations also are exempt from paying inheritance tax to the state of Maryland so they will reap the benefits of your entire bequest without tax implications.
Additionally, if you regularly donate to particular organizations, you should make sure that any current or future agents listed on your power of attorney are aware of your charitable donations. Many powers of attorney allow for the agent (or attorney-in-fact) to continue making these contributions from your assets on your behalf.
Bridgette E. Becker, Esq., Associate Attorney
Elville & Associates, P.C.
9192 Red Branch Road
Suites 100 & 300
Columbia, Maryland 21045
Planning for Life, Planning for Legacies
443-393-7696 (Main Number)
443-741-3446 (Baltimore calling area)
301-272-8874 (Montgomery Co/DC/Northern Va. calling area)
Steve Elville, of Elville and Assocaites, posts a THOUGHT OF THE DAY, daily on his website. Check it out at http://www.elvilleassociates.com/