Charitable giving in Maryland | What to know

If you would like to learn more about charitable giving in Maryland, it is in your best interest to reach out to our skilled Montgomery County estate planning attorney today. Our legal team is on your side each step of the way. We look forward to hearing from you.

How can I donate to charities in the most tax-efficient way?

Our firm praises the tradition of providing to charitable causes. In addition to the numerous personal rewards ingrained in making a charitable gift, most gifts also supply a current charitable income tax deduction. Some charitable giving plans also save capital gains taxes, increase income, and provide you, or whoever you designate, with an income for life. Furthermore, these kinds of gifts may supply an estate tax deduction, which can be an important aspect of planning your estate. To learn more, read on and reach out to our skilled estate planning attorneys.

How to make the most of charitable giving

If you are provided with the choice between paying taxes (involuntary philanthropy), or making a charitable gift (voluntary philanthropy), most people would choose the second, as it provides them with the benefit of knowing who the money will help and how it can be used. The same cannot be stated for money paid to the U.S. Treasury. Our legal team can assist clients with making charitable gifts and practice good stewardship in the most tax-efficient way.

How can I make a charitable gift?

  • A charitable remainder trust or a charitable gift annuity will provide you with an immediate income tax deduction, a lifetime stream of income, and a waiver of capital gains taxes owed on contributed property.
  • A charitable lead trust constructs an income stream to charity for a term of years with the remainder of the trust going to your children without any estate or gift tax consequences.
  • A private foundation presents you with the considerable leeway to manage amounts given by placing restrictions on how your gifts are used by charities.
  • A donor-advised fund permits you to maximize your income tax savings on your regular monthly or weekly contributions to church or charities.

To learn more about how you can make a charitable gift in Maryland, reach out to JD Katz today. Our legal team is equipped with the knowledge and experience required to ensure you are on the right track. Give us a call today.

Contact our experienced Maryland firm

The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.