Planning forward by giving back

August 28, 2013

"People who use Baltimore as a base for business have a responsibility to give back to the city,”observed Richard E. “Dick” Hug, former head of Environmental Elements Corporation, in a conversation shortly before his death in May, 2013. “When I took my company public, I put a portion of the capital gains in a charitable remainder trust, which has proven to be very beneficial. It provides tax benefits and lifetime income—and I've designated a portion of the trust to go to BCF, where it will be added to our donor-advised fund.”

Known for his civic involvement as well as business acumen, Hug established his own charitable foundation. “I just rolled the Hug Foundation into BCF, and it saves me a lot of time and effort,” he said. “I can make a call and say I want to give a certain amount to an organization, and it’s done. Very simple. Also, I have confidence in the people who lead the BCF investment committee to get good returns.”

Hug and his wife Lois have shared their views of philanthropy with their son and daughter. “When my wife and I pass, my children will be the fund advisors,” he said. “I've told them that I believe in donating to leaders. You get leaders through quality education, so my gifts go largely to educational institutions and scholarships for gifted students. My children will make their own choices, of course, but they already understand community service and will continue our commitment to giving back.”

At BCF, we have lots of options for your giving, and we can help you create a plan that fits your unique situation. Click here to explore the possibilities. 

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