AARP estimates that only about 40% of Americans have a will or family trust. Because estate planning can be a complex process, many people choose to procrastinate or avoid it entirely.
The ins and outs of estate planning can often be simplified by working with a skilled family estate planning attorney. Andalman & Flynn offers our Potomac, MD, clients the trusted, capable guidance they need to protect their assets and solidify their family’s futures.
We have the resources necessary to develop an estate planning strategy that reflects your personal, financial, and professional circumstances.
Are you looking for an estate planning attorney in Potomac, MD? Contact Andalman & Flynn online to schedule a confidential consultation.
What Is an Estate Trust?
Trusts are often used to avoid probate, minimize attorney’s fees, and can offer other benefits when part of a well-crafted estate plan. They allow you to control your wealth, protect your legacy, and reduce probate costs.
Two common types of trusts in Maryland include:
- Revocable trusts: These are typically created and funded during a grantor’s lifetime, with the grantor retaining the right to revoke it in part or its entirety. They can also amend the trust’s provisions, fund it with additional assets, remove trust assets, or change a trustee nomination. Changes may be made at any time until the grantor either dies or loses the capacity to make competent decisions.
- Irrevocable trusts: These cannot be revoked, changed, or amended by the grantor who gives up all ownership rights to the property used to fund the trust. Because they are often permanent, grantors must carefully consider all aspects of an irrevocable trust before creating and funding it.
A third type of trust — a testamentary trust — is created as part of a last will and testament but doesn’t get funded or go into effect until the person’s death.
No matter the type of trust you choose, it’s essential to consult with an experienced estate planning attorney to ensure its terms are structured properly, your wishes are followed, and your loved ones are protected.
Do I Need To Hire a Lawyer for Estate Planning?
You’ll want to hire an attorney to help you with your estate planning and to draft your will and/or trust. You especially want to hire an experienced estate planning attorney if:
- You own or are a partner in a small business and need help with business succession planning.
- You own out-of-state or foreign property or assets, as they might be affected by different tax codes and other legal requirements for transferring assets.
- You want to leave a legacy via a charitable trust.
- You want to disinherit any family members or have a blended family.
- You want to protect assets from Medicaid.
- You have immediate family members with special needs.
The Estate Planning Process in Potomac
Basic estate planning services typically include seven steps:
- Create a tangible and intangible assets inventory.
- Outline needs of your beneficiaries such as life insurance, guardianship, and child care.
- Establish legal directives such as Powers of Attorney and Healthcare Advance Directives.
- Review your beneficiaries.
- Discuss Maryland’s estate tax laws.
- Make plans to revisit your estate plan as circumstances change.
Your financial and estate planning goals are Andalman & Flynn’s priority. Whatever your estate planning needs and desires, we’re here to walk you through the entire process and always act with your best interests in mind.
Contact Our Attorneys for Estate Planning in Potomac, MD
Andalman & Flynn believes in taking a deeply personalized approach to all legal services, including estate planning. Our estate planning attorneys are responsive to your questions and concerns and provide comprehensive guidance that reflects your unique needs.
Ready to plan for your and your family’s financial future? Let the estate planning attorneys at Andalman & Flynn provide the assistance you need.
Contact us online to schedule a confidential consultation.