Trusts lawyers in Maryland understand that there are a number of reasons why our clients might choose to create a charitable trust, and our job is to set them up in a way that best meets their needs.
For example, some Maryland residents are interested in the idea of a charitable trust because it can reduce the tax burden on the overall estate. In other cases, of course, the individual is simply looking to do good with his or her money. No matter what your reason, your trust lawyer will be responsible for outlining for you the applicable rules and regulations for bequeathing your money or property in this way.
Estate planning laws differ from state to state, and possibly even from county to county. That’s why, if you live in Maryland it’s in your best interest to hire a trust attorney from the same area. An experienced trust attorney in Maryland will be well-versed in the requirements for where we work and practice.
Requirements for Setting Up a Charitable Trust
One of the first requirements of a charitable trust is blatantly obvious: you must have something to put in the trust, whether it is money, real estate, or some other form of property. Also pretty self-evident is the fact that the trust must demonstrate a charitable purpose.
Additionally, a trustee must be named as the person who will oversee and administer the trust, and beneficiaries must also be named. The beneficiaries are those who will benefit from the trust. The beneficiaries must meet certain criteria in order for the trust to be considered “charitable.” Your trust lawyer will work with you to ensure you are fulfilling this obligation by making sure you don’t name a for-profit business as the beneficiary, for example. Likewise, it is improper for a charitable trust to benefit a private individual.
To ensure you are setting up your charitable trust within the confines of the law, work with an attorney to create a plan that’s right for you. To get started, please call our law firm at (301) 968-1630 and ask if you qualify for a free Family Protection Planning Sessions with the mention of this article (a $350 value).
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About Nicole K. White
After losing a close relative, Nicole witnessed the devastation, enormous expense and chaos caused by not having a simple estate plan. It is Nicole’s mission to educate parents, especially single parents, about protecting themselves, their families, minor children, and assets with comprehensive Estate Planning.