Wills and trusts are perhaps the most well known estate planning documents. As a Greenbelt wills and trusts attorney, I can educate you about the differences and help you decide if one or both is best for your situation. The Law Offices of Terrence M. McGrath, LLC provides estate planning services that focus on maximizing your asset protection and wealth transfer. As a College Park estate planning attorney, I can help you devise the estate plan that works best for you and your family. If you are interested in learning more, contact my law firm to schedule your free initial consultation. For more than a decade, I enforced the law. As your estate attorney, I will use that experience to protect and enforce your interests and legal rights. The Need for a College Park Estate Planning Attorney That Represents Clients Throughout MarylandAs your estate attorney, I can guide you through the process of selecting and establishing a trust such as the following:
- Revocable living trust: A living trust avoids probate by turning over the title of your property to the revocable living trust prior to your death. During your life, you have control over the property. When you die, the trustee will facilitate the transfer or payment to your heirs. The trustee can handle this without lawyers, excessive expenses, delays or court supervision.
- Irrevocable life insurance trust (ILIT): By referring you to trusted life insurance agents and creating a separate holder of life insurance, I can help you avoid some unnecessary and exorbitant tax requirements.
- 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 you 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 an 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 their living expenses in a manner that protects your loved one's government benefits.
Frequently Asked QuestionsMy law firm is happy to answer your questions about wills, trusts and other estate planning directives. Clients frequently ask me:
- How do I set up a trust? You will need to select a trustee and a beneficiary. The trustee can be an individual or an entity, such as a bank, that will facilitate the transfer of assets upon your death. You determine the amount of money that is in the trust, how much your beneficiary will receive, what the money can be used for and other issues. As your attorney, I can draft, establish and revise these documents as well as guide you through the decision-making process.
- Why would I use a trust? For many reasons. A trust helps your family and beneficiaries bypass the probate process. The average timeframe for probating a will is one year. Revocable living trusts allow you to maintain control of the trust while you are living.
- What is the difference between a trust and a will? A will does not prevent probate. In fact, if there is a will, there will be probate. This does not necessarily mean a will is a bad thing. It just means there is a complex series of decisions to make.
I can talk to you about the decisions you must make and help you make the ones that are right for you. Call for Your ConsultationI offer free initial consultations. To schedule yours, please call 301-220-2234 or contact my law firm online.
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