Drafting Trusts That Accurately Convey Your Needs
An Estate Planning Lawyer Serving Individuals and Businesses in Greenbelt
I am attorney Terrence M. McGrath. For more than 15 years, I have been helping families and small companies throughout Prince George's, Montgomery, and Howard counties draft trusts that accurately convey their wishes. My entire legal practice is dedicated to helping people carryout their estate planning needs from start to finish.
Contact me by calling 301-220-2235. During your free initial consultation, we will discuss your estate planning goals and we can best serve your unique needs.
Some types of trusts I assist clients in drafting include:
- Revocable living trusts: A trust serves as a set of instructions that allow you to dictate what will happen to your assets and who will be in charge of your estate at the time of your death or incapacity and how to avoid probate.
- Irrevocable life insurance trust (ILIT): You want your assets to go directly to your loved ones. Unfortunately, state and federal inheritance taxes can be exorbitant. By assisting you in creating a separate holder of life insurance, I can help avoid some unnecessary tax requirements. I can refer you to trusted life insurance agents.
- Business succession planning: Often an individual who starts and cultivates a business is irreplaceable to that company. I often recommend purchasing life insurance to offset the loss of the key proprietor. After carefully discussing your company's situation, I can help make informed decisions about your company's succession.
- Trusts for minors: Coming into money can be a hefty burden for even the most responsible children and young adults. In fact, Maryland law does not allow individuals under the age of 18 to receive an inheritance. In order to ensure that your child is protected and provided for, I can help you set up a trust that allows a trustee to postpone the inheritance or make periodic payments. These types of trusts also help protect children from creditors.
- Special needs trusts: Transferring an inheritance to individual with special needs may cause that person to lose eligibility for government programs. By setting up a special needs trust, I can help you supplement the living expenses in a manner that doesn't cause your loved one to lose his or her government benefits.
Contact me to schedule a free initial consultation to discuss your estate planning needs.
Law Offices of Terrence M. McGrath, LLC
6305 Ivy Lane, Suite 408
Greenbelt, MD 20770
Phone: 301-220-2235
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