![]() Now you can name Preservation Maryland as a beneficiary without increasing the minimum amounts you must withdraw each year. These new rules make it easier for you to accumulate more savings – tax deferred – in your account. Moreover, in 2001 the IRS issued favorable, simplified new rules for calculating minimum annual payments from IRAs and other retirement accounts such as 401(k)s. Of course, you can also name Preservation Maryland for a portion of the assets, or as a contingent beneficiary, with the gift to be effective only after the death of a spouse or other family member. Naming us the primary beneficiary avoids all income and estate taxes on the retirement plan. If you plan to make a Legacy Gift to Preservation Maryland, you may want to consider naming us the beneficiary of your 401(k), pension, or other retirement plan, and leaving other assets to your family. Not only is the plan benefit reduced by estate taxes, but the recipient must also pay income taxes on the plan. ![]() IRAs and qualified retirement plans such as 401(k)s, when passed on to heirs, can incur as much as 70 percent in taxes, because this asset faces double taxation. Retirement plans are excellent assets to leave to Preservation Maryland. In doing so, you will receive a charitable deduction and in removing the life insurance policy from your estate, you may also reduce your estate taxes. If this applies to you, you may want to consider naming Preservation Maryland the beneficiary and assigning us ownership of the policy. Many individuals have life insurance policies whose benefits they no longer need. Checking Accountsīy filling out a simple form at your financial institution you can designate Preservation Maryland to receive the remaining funds in your checking account or CD after you’re gone. No matter which approach you choose, you will have the comfort of knowing that your gift will support Preservation Maryland’s work for many years to come. Please contact Preservation Maryland to discuss these unique requests before your will is prepared. Donors whose gifts are expected to be $100,000 or more may request that their gift support a specific program, and donors whose gifts are expected to be $500,000 or more may request that their gift include the recognition of their name. Larger bequests may be segmented within Preservation Maryland’s pool of assets for special use or designation. The regions are: Eastern Shore, Southern Maryland, Western Maryland, Central Maryland, and the Maryland National Capital Area. You should speak with the attorney who is preparing your will about how you would like to structure your bequest.ĭonors may request that their bequest support Preservation Maryland’s work across the state, or they may designate one or more regions of the state where Preservation Maryland will direct the proceeds of their gift. ![]() Your gift to Preservation Maryland can be for a specific amount, a percentage of the total of your estate, or the remainder of your estate after other provisions have been satisfied. They allow the donor to make provisions for a significant future gift while still having access and control over their assets while they are alive. Your support will be recognized in our distinctively designed and widely distributed Annual Report.īequests are gifts that are made through a will or living trust.Access and invitations to exclusive members-only events like hard-hat tours of preservation projects-in-progress, intimate group tours of historic neighborhoods, and small gatherings.Timely notifications and action alerts so that your voice will be heard when preservation issues require grassroots involvement from supporters like you.Discounted tickets to all of Preservation Maryland events, including the Six-to-Fix reveal party, the Best of Maryland awards celebration, and workshops and field trips.Previous issues are available online as PDF downloads. A one-year subscription to The Phoenix newsletter, a quarterly publication, beautifully designed and mailed directly to you. ![]() While you can choose to renew your membership annual, we recommend establishing a simple recurring donation – it’s easier on you – and saves Preservation Maryland time and money. Preservation Maryland welcomes you to be an essential partner in Maryland’s oldest and largest historic preservation non-profit by sustaining our work through a recurring annual membership.
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