Professional Advisor Legacy Planner e-News - September 2014

Previous editions of Legacy Planner e-News can be found HERE.

Fund Policy Changes - Important Update

At the June 2014 Community Foundation Board of Trustees meeting, three policy changes were approved. A new minimum dollar amount to open a new fund was established, effective July 1, 2014. The management fees for all funds were increased and minimum fund distributions were raised, effective October 1, 2014. These changes reflect the Community Foundation’s efforts to be more impactful in addressing the pressing needs of the community through the grants and scholarships provided from the more than 660 funds under management.  Professional advisors will be receiving a detailed letter shortly. If you have questions about these policy changes and how they may affect your clients, please contact Community Foundation President and CEO Betsy Day at 301.695.7660 or by This email address is being protected from spambots. You need JavaScript enabled to view it.

Endow Maryland - An Exciting New Initiative

EM-Web-logoBeginning January 1, 2015, tax credits for individuals and businesses in Maryland making a contribution to permanent endowed funds held by qualified community foundations that support areas of community development (health and human services, affordable housing, education, job training, economic development, etc.) will be available. This new program is called “Endow Maryland,” and is part of a nation-wide effort to promote philanthropy and investments in communities.

The Community Foundation of Frederick County will have $15,000 in credits available to use, and is currently working on the details of the contributions. These details will be shared with professional advisors as soon as they are available. In the meantime, please keep this opportunity in mind for your charitably-minded clients as they can benefit from the charitable tax-deduction and also receive a Maryland tax credit on a single contribution.

Bequests Up, Says New Giving USA Report

Good news for planned giving: Bequests are up significantly, according to one of the most notable findings in the recently released Giving USmoney stack.smallA report. Giving by bequest increased 8.7 percent (7.2 percent adjusted for inflation) from 2012 to 2013—by far the largest percentage increase in any sector. (this article courtesy of Pentera, Inc.

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Murray Estate Creates New Fund Totaling More Than $20 Million

Calvin Murray.smallDescribed as a quiet individual but always in touch with community news, Calvin Murray, a lifelong resident of Mount Airy, Maryland, has left a legacy that will positively impact countless people in perpetuity.

Calvin Murray died in January 2012, and left the majority of his estate, just over $20 million, to The Community Foundation of Frederick County to establish The Calvin Murray Charitable Fund, benefiting The Howard Chapel Ridgeville United Methodist Church (UMC) in Mount Airy, Maryland, and Frederick Memorial Hospital (FMH) in Frederick, Maryland

Read more: Murray Estate Creates New Fund Totaling More Than $20 Million

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