Charitable Giving in Cambridge, Maryland

Find the right Charitable Giving attorney in Cambridge, MD

In Cambridge, Maryland, "charitable giving" involves transferring money or property to an individual or organization, expecting nothing directly in return.

In general, it's very easy to make a charitable donation to a cause you want to help. Whether it involves writing a huge check, or dropping spare change in a donation jar, a huge majority of charitable gifts are made simply by giving money away, with no intermediary or other complex legal arrangements.

Some people, however, may be especially dedicated to a certain cause, giving rise to a desire to donate a very large percentage of their assets to it. However, during life, this is frequently infeasible, since people have their own expenses that they have to cover. So, people often put off this donation until after their death.

There are many arrangements allowing you to donate some or all of your assets to a charitable cause after your death, but direct testamentary gifts (simply leaving money in your will to the charity of your choice) are the most common.

Charitable Trusts in Cambridge, Maryland

A charitable trust is an arrangement through which some amount of money or property is directed to a charity after the donor's death, or throughout their life.

In a charitable trust, the money that is donated is still legally owned by the donor. But this is largely a formality, as the charity receives possession and control over the money. The charity is then free to use that money, but exclusively for the purposes laid out in the trust instrument.

The most common type of Cambridge, Maryland charitable trust is known as a "charitable remainder trust." Under this arrangement, some of your money or property is directed to your charity of choice. The charity then invests the money, while giving a percentage of the income generated by these investments to you or a beneficiary of your choice, for a determinate period of time. Once this time is up, ownership of the original fund transfers to the charity.

You should make sure the charity is registered with the Internal Revenue Service, and (if applicable) the taxation authority of .

Do I Need a Cambridge, Maryland Attorney?

If you want to set up a charitable trust, you should first speak with a representative of the charity you want to support. You should also talk with an experienced attorney in Cambridge, Maryland, who will be able to help you navigate the legal details, making it easier to give effect to your intentions.

Talk to a Wills, Trusts and Estates Law Attorney now!

Life in Cambridge

Cambridge, Maryland is a city of about 11,000 residents. It is located in Dorchester County.

Cambridge, Maryland was first settled by English settlers in 1684, making it one of the oldest colonial cities in Maryland. After settlement, the area became an important tobacco growing center, and then diversified into other forms of agriculture.

In the mid-1960s, Cambridge, Maryland was a major hub of the American Civil Rights Movement.

Modernly, Cambridge is a relatively quiet, small town. However, in 2002, it received a major economic boost in the forms of tourism, employment, and convention attendance, with the construction of a large Hyatt resort on Chesapeake Bay.

Cambridge is also the beneficiary of a state program designed to revitalize and restore the downtown areas of many cities, returning them to their past place as the heart of a city's business community, because so much business activity has moved to the outskirts of cities.

Cambridge is a 90-minute drive from Baltimore, making it an attractive option for people who want easy access to the excitement of a big city, with the ability to go home to a small town.

Cambridge, Maryland lawyers need to be competent to handle many different types of legal issues. Legal issues can pop up when they're least expected, and often have to be dealt with as quickly as possible. A Cambridge, Maryland lawyer can make sure that this happens.

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