Charitable Giving in Cumberland, Maryland

Find the right Charitable Giving attorney in Cumberland, MD

In Cumberland, 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 large majority of charitable gifts are made simply by giving money away, with no intermediary or other complex legal arrangements.

Some people, however, may be particularly 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 typically 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 Cumberland, Maryland

Charitable trusts are arrangements that involve handing possession (but not necessarily ownership) of money or property over to a charity, either during the donor's life, or after their death.

In a charitable trust, the property is still technically owned by the donor, but the recipient retains possession and control over it. As the trustee, the charity is free to use the money for any purpose laid out in the trust agreement. With a charitable trust, trustees are generally only allowed to use the money to advance their organization's charitable mission.

If a person decides to set up a charitable trust in Cumberland, Maryland, they usually set up a "charitable remainder trust," since this is usually beneficial to both the donor (or their estate) as well as the charity. The operation of this type of trust is fairly simple: at a set time (usually the donor's death) the property that the donor wants to give to the charity is handed over, and the charity invests it. The charity benefits by getting to keep most of the money that these investments generate. The donor benefits because they also get a percentage of this income, for a period of time laid out in the trust agreement. Afterwards, the recipient of the donation gets it free and clear.

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

Do I Need a Cumberland, Maryland Attorney?

When attempting to establish a charitable trust, or make another charitable donation, the first thing you should do is discuss this with the organization you want to make the donation to. They will probably be able to advise you on how to donate your money in the way that will be most useful to them. And, of course, you should speak with an attorney in Cumberland, Maryland, who will usually be able to make the process much easier.

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

Life in Cumberland

Located in the far western corner of Maryland, Cumberland is a small city full of big charm. Cumberland boasts a population of just under 22,000 inhabitants and is located 130 miles from the state capital of Baltimore. Mountains, heavy rainfall, and snow make for four lovely seasons in Cumberland.

On the top of the list for visitors to Cumberland: George Washington Headquarters, a famous location that the city boasts the first president of the United States actually slept. In addition to Washington's sleeping quarters, there are many other historically interesting sites to be explored by visitors and residents alike. Whether looking for an outdoor or indoor activity, Cumberland has it all for those who visit.

There are five local schools in Cumberland. There are also many talented lawyers in Cumberland, Maryland that have years of experience in helping their local clients meet their legal needs. Cumberland lawyers are talented and have practice ranges as broad as the many issues their clients face. Cumberland lawyers are happy to use their legal knowledge to help their clients win their case. Cumberland is a great place to live, visit, and to find a great lawyer.

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