Estate Planning Trusts in Maryland
Do you need an estate plan but you want to avoid the costs and delays of probate? Or maybe you just want your affairs to be handled privately with minimal publicity or court intervention? If this is you, you may want to consider creating a Trust. Just as every estate plan and family situation is different, there are innumerable trust options for people who want to ensure that their property is distributed in a smooth, accurate, and cost-effective manner to their loved ones.
Revocable Living Trusts
This kind of trust acts as a substitute to your Will. All of the property that is transferred into the name of your trust avoids the probate process at your death. A revocable living trust can also direct the transfer of title of real estate in more than one state, saving you the costs of additional probate administration in multiple states. In addition, revocable living trusts can have tax-planning provisions to limit or eliminate any tax liability that your surviving spouse or children may have to pay upon your death. Just like a Will, a revocable living trust can be modified, replaced, or revoked as long as you are competent to do so.
Irrevocable Trusts/Special Needs Trusts
An irrevocable trust is typically created either as an estate tax savings mechanism or as a means to allow a member of the family who is vulnerable or disabled to qualify for public benefits.
If you own a whole life insurance policy, an irrevocable life insurance trust can provide liquidity to help meet the immediate and future needs of your family and cause large amounts of insurance proceeds to pass to your loved ones without incurring estate tax in either you or your spouse’s estate.
Irrevocable trusts created to provide for the needs of vulnerable or disabled family members are called Special Needs Trusts. The idea of making the trust irrevocable is so that the funds in the trust do not count as a resource against the family member with special needs, thereby allowing them to qualify for public benefits such as Supplemental Security Income (SSI), Medicaid, and other forms of federal or state assistance.
Given the complexity of both kinds of irrevocable trusts, it is especially important to contact an experienced estate planning attorney to ensure that the trust terms are properly structured to allow you to provide for your loved ones.
Other Trusts for Estate Planning
Just as every family has different values and goals, there are a variety of trusts that can be created to reflect those values and to accomplish those goals. Maybe you want to ensure that your beloved pet is properly cared for upon your death? In that case, a pet trust may be ideal for you. Maybe you want to ensure that your firearms collection falls into the right hands? In that case, perhaps a gun trust would be necessary. Whatever the case, Andalman & Flynn’s estate planning attorneys will work the best they can to give you peace of mind. For further information on trust planning, please call our lawyers at 301-563-6685 or contact us online today for a consultation.
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