Trusts are similar to wills in that they allow you to plan for the future by passing assets to your loved ones. They can be revocable or irrevocable depending on your needs and goals.
One advantage to trusts is that you can have them take effect immediately upon drafting them. This allows us to create a plan that minimizes your estate taxes, avoids probate, and begins to distribute your assets according to your wishes as soon as possible.
How A Revocable Trust Works
A revocable living trust can provide various benefits to meet lifetime purposes:
- Provides for the management of your assets while you live
- Names another person to assume responsibility for these assets, should you become unable
- Provides written instructions on how the trust will work
- Avoids the costs and fees of probate upon your death
- Lowers or avoids inheritance taxes altogether
- Makes special provisions for minor or vulnerable children
How An Irrevocable Trust Works
A carefully drafted irrevocable trust can:
- Remove assets from your estate for estate tax or Medicaid purposes
- Preserve a measure of flexibility to make changes in the future
- Affect charitable estate planning
- Minimize income tax
Visit Us At Our Salisbury Office
There are many kinds of trusts that can be used singly or in combination with others to give you the control over your life assets that a mere will cannot do.
To discuss your specific needs, talk to Attorney Cynthia MacDonald at (410) 348-7809. You can also email our lawyer your questions using this form. We have offices in Salisbury and Ocean City, Maryland.
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