Create a Trust for Your Estate in Montgomery County, MD
Many people wrongly assume that trusts are only useful for the extremely wealthy. However, the truth is, a trust can be a valuable tool for families of all economic backgrounds. A trust is simply a legal entity that allows you more options when it comes to managing your assets. It can help you shield your wealth from taxes, as well as pass it on to your children for future use. At H&H LawWorks, we can help you determine if a trust is necessary for your situation and create a plan for a trust that works for both you and your family. We are the lawyers to choose for the creation of wills and trusts in Montgomery County, MD. Contact us today to set up a time to discuss your financial needs.
Do I Need a Trust, or Is a Will Sufficient?
There is no one clear answer to this question, and the need for a trust will vary depending on a variety of factors. Before you make this decision, you’ll want to discuss your financial portfolio and goals with one of or wills and trusts lawyers. We can determine which option is best for you based on your current situation.
Trusts Are a Good Idea If:
Families who are planning care for a special needs or underage individual could benefit from using a trust. Many government benefits are restricted for individuals who earn too much monthly. However, many special needs individuals require care that comes at a cost too high to bear on their own. When you direct money into a trust for this individual, you are still able to preserve their eligibility for assistance and ensure they get adequate care.
Placing property in a trust can help prevent your family from having to deal with the hassle of probate. Probate is not only costly, but it can also take up to a year or even longer to conclude. Using a trust will help to prevent this mess.
Utilizing a trust with a properly drafter marital exemption will help to avoid the double assessment of state or federal taxes upon the death of the second spouse. It also helps to reduce your total taxable gross estate amount, saving your family money.
What Is a Revocable Living Trust?
We receive this question often when helping clients plan the future of their finances. A revocable living trust is a legal entity into which you and your spouse are allowed to transfer assets, including real property, titled personal property, and account. You (the grantor) will name a trustee and beneficiaries, who will collect the assets upon your death. This type of trust allows your family to avoid probate, which can otherwise be a long process. It’s important to note, however, that any property in a revocable living trust is considered part of the grantor’s gross estate. This makes the property taxable if the estate exceeds the Maryland exemption, which is currently set at one million dollars.
Contact Us for a Consultation
If you’re ready to start planning the future of your estate, H&H LawWorks is the team you want on your side. We’ll take a look at your current finances and determine the best way to plan for the future of your estate. Our team will ensure we set up your trust to your specifications, so your final wishes will be met, and your assets will be divided the way you want. Contact us today to schedule a consultation.