Trust Preparation Attorney
Eldersburg Attorney Setting Up Trusts For Families Throughout The Baltimore Area
Setting up a living trust or a testamentary (upon death) trust is the best way to help your family preserve estate assets for future generations. Depending upon the way you decide to set up the trust, you can take advantage of tax savings now, while making sure money is available for your children and grandchildren. One of the key elements of a trust is that you get to decide the terms under which beneficiaries can withdraw the money. That means that trusts can be set up for:
- College and professional education
- House and real estate purchases
- Special needs of a child with a disability
- Grandchildren (generation-skipping)
- Almost any other specific reason you decide
Trusts can be set up as revocable or irrevocable. An irrevocable simply means that you will be placing money and property into the trust and forfeiting ‘ownership’ of the assets. You get an immediate tax break on the assets and your beneficiaries won’t pay taxes on the money until they take a distribution of the funds.
A revocable trust doesn’t offer quite the tax break, but it allows you and your beneficiaries to withdraw funds per the terms you establish for the trust. As the name implies, you will have the right to revoke the trust at any time.
Call my office with questions about your estate planning needs. I offer a free consultation to explain your options for trusts and how they can be an instrumental part of preserving your family estate.
Experienced Eldersburg Trust Preparation Lawyer
From offices in Eldersburg, I provide trust and estate planning services for individuals and families throughout Carroll County, Baltimore County, Frederick County and Howard County, Maryland. Call my office at 410-970-4306 or contact me by email. I offer a free consultation and am available after hours by appointment. Spanish is available.