Charitable Giving in Owings Mills, Maryland

Find the right Charitable Giving attorney in Owings Mills, MD

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

In general, it's extremely easy to make a charitable donation to a cause you want to help. Whether it contains 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 complicated 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 usually infeasible, since people have their own expenses that they have to cover. Therefore, people often put off this donation until after their death.

If you want to make a donation that's effective after your death, there are a few ways to do this. The most frequent method is also the simplest: leaving the charity whatever property you want to give to it in your will - this is known as a "testamentary gift."

Charitable Trusts in Owings Mills, Maryland

A charitable trust is an arrangement by which a large amount of money can be directed to a charity after the death of the donor, or during the donor's life.

While the money, for a time at least, is still technically owned by the donor, it is possessed and controlled by the charity, which acts as a trustee. The trustee is then able to use the money for the charitable purposes which have been laid out in the agreement that initially established the trust.

In Owings Mills, Maryland, a "charitable remainder trust" is the most frequent kind of charitable trust. This authorizes the money or property to immediately pass to the charity of the donor's choice, so they can benefit from it as soon as possible. The charity takes the money, and invests it (typically in reliable, but not necessarily high-yield, investments). They keep most of the income that this generates, but return a portion of it to the donor on a regular basis, for a set period of time. When this time runs out, the original donation, along with all the income it will produce, becomes the legal property of the charity, to dispose of as it pleases.

Obviously, if you want to help a good cause, you want to make sure that any charity you donate to is valid. Sadly, there are quite a few fraudulent charities out there. The ideal way to do this is to check and make sure that the charity is registered as a tax-exempt organization with the IRS, and the tax authorities in

Do I Need a Owings Mills, Maryland Attorney?

Making a substantial charitable donation is a generous and admirable act. Nonetheless, good intentions don't always lead to good results. To guarantee that your donation has the most positive impact possible, you should discuss the matter in detail with representatives of the organization(s) you want to donate to. It might be valuable to have a Owings Mills, Maryland lawyer handle these negotiations on your behalf, since they will likely understand the legal and financial complexities involved.

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

Life in Owings Mills

Owings Mills, Maryland is an unincorporated community and census-designated place in Baltimore County, Maryland. It has a population of just over 20,000 people, as of the 2000 Census. Owings Mills is a suburb of Baltimore, Maryland.

Owings Mills, Maryland is home to the headquarters of the Baltimore Ravens NFL team. In 2008, CNN named Owings Mills one of the best places to start or relocatea business, thanks to its diversity, concentration of young professionals, easy access to Baltimore, and a generous loan program for small businesses.

Owings Mills is a good place to live, raise a family, or run a business, thanks to the above-mentioned reasons, as well as its many shopping opportunities, and diverse culinary options. Needless to say, you'll have no trouble meeting your basic needs in Owings Mills. Of course, life wouldn't be much fun if all we did was meet our basic needs. Thankfully, there are numerous entertainment and cultural attractions in Owings Mils, and its proximity to Baltimore ensures that residents have easy access to the entertainment and economic opportunities that only big cities can provide.

Thanks to its diversity and healthy economy, there is a very robust legal community in Owings Mills. An Owings Mills, Maryland lawyer can help you with just about any legal issue you might be facing.

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