January 19, 2018

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Planned giving, sometimes referred to as gift planning, may be defined as a method of supporting non-profits and charities that enables philanthropic individuals or donors to make larger gifts than they could make from their income. While some planned gifts provide a life-long income to the donor, others use estate and tax planning techniques to provide for charity and other heirs in ways that maximize the gift and/or minimize its impact on the donor's estate.
 
Thus, by definition, a planned gift is any major gift, made in lifetime or at death as part of a donor's overall financial and/or estate planning.
 
Despite what you may think, you don’t have to be rich to leave a charitable estate gift. You don’t have to be rich to even have an estate. Everyone has assets, everything from cash to the china you received from your mother. No gift is too small or too large.
 
The information provided on the FFMR website is for educational purposes only and is not intended to convey legal advice. The FFMR strongly urges you to consult with an estate planning professional in your area to receive the best guidance for your individual situation.
 
WAYS TO MAKE A PLANNED GIFT
 
Bequest
 
A bequest is a gift that you leave through your will. A will is a legal document that directs how your property will be distributed after your death. If you don’t have a will, the state will determine how your property passes when you die. If you live in a state that doesn’t recognize marriage equality, in all probability your partner will not be entitled to inherit anything from you if you don’t have a will leaving your property to him or her. Certainly without a will none of your assets will pass to the organizations you support.

You can make a charitable bequest to the Task Force by leaving a specific sum of money or a specific piece of property or by leaving a percentage of your estate. You can leave a residual bequest by leaving the remainder of your estate or a percentage of the remainder after gifts to other beneficiaries have been made. You can leave a contingent bequest by stipulating that the charity receives a gift only when certain conditions have been met, for example, the charity receives only if your spouse or partner predeceases you.

Sample language for leaving a bequest to the FFMR Organization:
“I hereby give, bequeath, and devise (the sum of $________), (________ percent of my property both real and personal), or (the name of a specific piece of property) to the Federation of Families for Maryland Residence Incorporated, which has its principal place of business at 19905 Wyman Way, Germantown, MD 20874, and whose 501 (c)(3) tax identification number is 47-3489125.”

Retirement Assets
 
Another way to leave a charitable gift to the Federation of Families for Maryland Residence Incorporated is to name the FFMR as the beneficiary of all or a portion of your retirement fund. Leaving a gift of all or a portion of your retirement fund to the Federation of Families for Maryland Residence Incorporated may also provide you with substantial estate tax benefits. To make a gift of retirement assets, simply name the Federation of Families for Maryland Residence Incorporated as the beneficiary or contingent beneficiary of all or a portion of your retirement fund. 
 
You can leave a charitable gift to the Federation of Families for Maryland Residence Incorporated by naming it as the beneficiary or contingent beneficiary of all or a portion of the proceeds of a life insurance policy.
 
frequently asked questions
 
I don’t own much. Do I need a will?  
 
You may not think you have assets, but you do; everyone has them. Assets are everything from a bank account, a car, your mother's china and even your father's pocket watch. If you don't have a will, the state will determine who inherits your assets when you die. It's especially important for couples who are not married or not planning on it to have a will to ensure that those they love but with whom they have no legal relationship will inherit from them. We can't stress that last point enough.
 
I’d like to leave a gift to the Federation of Families for Maryland Residence Incorporated, but I’m not rich. What can I do?
 
Contrary to what a lot of people think, you don’t have to be rich to leave a charitable estate gift. No gift is too small . . . or too large. You can name the Federation of Families for Maryland Residence Incorporated as a beneficiary of a life insurance policy or of a retirement account. If you own your home, you can direct your executor or trustee to sell your home and distribute the proceeds or a portion of the proceeds to the Federation of Families for Maryland Residence Incorporated. Part of the beauty of leaving a planned charitable gift is that you don’t have to write a check today!
 
Can I provide for my spouse/partner and also leave a gift to the Federation of Families for Maryland Residence Incorporated?
 
Most people want to be sure a spouse or partner is taken care of, and there are many ways to do this. You can provide for your loved ones through a life insurance policy and leave a portion of your estate assets to the Federation of Families for Maryland Residence Incorporated. Or you can leave your entire estate to a loved one and leave a gift to the Federation of Families for Maryland Residence Incorporated by naming it as a life insurance beneficiary. You can provide that your loved one receives an income during his or her lifetime and leave a residuary gift to the Federation of Families for Maryland Residence Incorporated when your loved one dies. These are just a few of the ways you can provide for your loved one and also for the Federation of Families for Maryland Residence Incorporated.

Contributions to the Federation of Families for Maryland Residence Incorporated are tax-deductible to the full extent allowed by the law. 

If you’ve already included the Federation of Families for Maryland Residence Incorporated in your estate plan, please let us know by contacting William Clements, Executive Director/Founder at william.clements@ffmr.org or fill out our contact form on the contact page.


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