Maryland Trust Attorneys
Estate planning is a must for anyone looking to pass their assets on to their loved ones at the moment of death or incapacity. Estate planning ensures that everyone receives the right assets and in the right allocations.
However, the fair distribution of assets is only possible when there is a clear will or estate plan that is easy to execute. Our services cover all aspects of estate planning, including will writing and trustee designation.
Reach out now if you have questions about the comprehensive scope of our estate planning services.
Will Writing
A will is the most fundamental element of asset protection and estate planning. Without a clear-worded and legally binding will, an individual cannot transfer assets at the moment of death or incapacitation.
There is more to a will than designating beneficiaries and heirlooms. It must contain the executor or trustee tasked with the will’s successful execution. Also, attorneys must ensure that there will be little doubt about a will’s authenticity. Then and only then can the will’s execution be swift as the probate process will be shorter.
Everything begins with a will drafted and notarized by estate planning attorneys. Reach out now for a will that leaves no room for interpretation and ensures the fair and equal distribution of assets.
Revocable Living Trusts
Many grantors or asset owners wish to avoid lengthy probate procedures. A revocable living trust ascertains the fair distribution of assets and bypasses the probate process.
Revocable living trusts allow grantors to place assets in the control of a trustee. A trustee may be a competent individual of legal age or a financial institution. A grantor, while living, can also be a trustee.
Revocable living trusts also allow assets within the trust’s control to generate income until their distribution after the grantor’s passing. Easy to set up and draft, revocable living trusts are a common asset protection choice for many asset owners who desire more flexibility and privacy.
Call us now to learn more about our revocable living trust assistance services.
Gun Trusts
Not all assets are in the form of cars, bank accounts, and investments. Sometimes, the most precious heirlooms a grantor can leave are firearms. When a grantor wants to ensure the fair distribution of owned and licensed firearms, gun trusts are a must in estate planning.
Gun trusts allow firearm owners to transfer ownership of their firearms after their passing. Guns that can qualify for the trusts are firearms covered by the Gun Control Act of 1968. These include:
- Semi-automatic pistols
- Short-barrel shotguns and rifles
- Fully automatic rifles
- Suppressors
By establishing gun trusts, grantors can designate who inherits the firearms. As a result, beneficiaries can receive the owner’s firearm heirlooms without lengthy probate procedures.
We help clients establish gun trusts as part of their asset protection plans. Call us now to learn more.
Special Needs Trusts
Special needs trusts allow living grantors to contribute to their loved ones with special needs. These trusts are established to provide additional financial aid to physically or mentally ill beneficiaries without eliminating their eligibility for social security benefits or Medicaid.
Special needs trusts cease upon the passing of the grantor. After the grantor’s death, the remaining assets in the trust go to the beneficiaries listed in the will.
Special needs trusts are one of the services we offer. Reach out now to learn more.
Pet Trusts
Pets still need care following a grantor’s passing or incapacitation. By establishing pet trusts, grantors can see to the care and maintenance of their pets.
Pet trusts must contain the pets covered by the trust and who will care for the animals. The trust must also be clear about the money to be used for a pet’s care and maintenance.
We help clients with pet trusts as part of our estate planning and will writing service. Call us now to learn more.
IRA Trusts
An IRA trust places control of a grantor’s individual retirement account in the hands of a trust. By handing a trust control of the IRA, a grantor can dictate how beneficiaries use the IRA money after the trust’s execution.
Asset Protection Trusts
Grantors can protect their assets from seizure or liabilities when they establish asset protection trusts (APTs). Asset protection trusts can cover a vast range of assets, such as but not limited to:
- Cash
- Limited liability companies (LLCs)
- The grantor’s business assets
- Personal property
- Investments and securities
Learn more about our asset protection services. Call us at (443) 665-8030 today.
Protect What Matters Most
If you need an all-in-one estate planning solution, don’t delay. We are here to help you protect what matters most — even after your passing.
Reach out now at (443) 665-8030 for estate planning and will writing services that place your interests first.
Sources:
https://www.investopedia.com/ask/answers/081815/can-i-put-my-ira-trust.asp
https://www.investopedia.com/terms/e/estateplanning.asp
https://www.investopedia.com/terms/s/special-needs-trust.asp#toc-how-a-special-needs-trust-works
https://www.nolo.com/legal-encyclopedia/pet-trusts.html
https://www.investopedia.com/terms/a/asset-protection-trust.asp