What Kind Of Trust Is Right For You?
Trusts are highly customizable. As your attorney, I can help you determine what kind of trust is right for you, and guide you through the process of establishing and funding it. Examples of trusts (standard and specialized) include:
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: 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.
Trusts to aid 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.
Spendthrift trusts: These are often set up for sons or daughters who are adults but may not be responsible enough to inherit large sums of money in a lump sum with no conditions. If you have an adult child suffering from drug or alcohol addiction, for instance, a spendthrift trust may be one of the best ways to help them financially without enabling destructive behavior.
The Benefits Of Working With My Firm
In addition to helping you establish the trust or trusts that are right for you, I can also help you and other trustees with trust administration matters. This could include funding the trust or assisting with annual accounting and reporting duties.
I am a member of WealthCounsel, which is a national network of attorneys focused on continuing legal education. If you have an interstate trust or trust interests in another state, I am happy to reach out to other attorneys in my network to handle logistics or answer questions.