Crofton Trusts Lawyer

Trusts Attorney in Crofton, MD

Having an estate plan in place can be a reliable way to make sure your loved ones are financially protected when you pass away. There are many important elements of a sound estate plan, but not all of them may be present in yours. One distinct element that you may want to establish is a trust. A trust gives you more control over your asset distribution and lets your family avoid probate court. You should speak with a Crofton trusts lawyer to learn what your options are.

The legal team at Liberty Legacy Law Group knows the complexities of a trust case. When you build an estate plan, you want to do whatever you can to protect your assets and prioritize your loved ones’ welfare. Maryland’s trust laws can be hard to understand on your own. Our firm has years of experience and knowledge helping clients through their estate planning needs. Contact one of our Crofton trusts attorneys to learn how we can help.

Different Types of Trusts in Crofton, Maryland

If you want to establish a trust in Crofton, you’ll work with the Circuit Court of Anne Arundel County, which can be found on Church Circle in Annapolis. You will need to gather the appropriate documentation, including any land records, if you are transferring real estate into the trust. These cases are common in Crofton, where the average property value is $519,900, and the average household income is $150,177 per year. Protecting your assets is always important.

A trust doesn’t have to be an alternative to a will. In fact, it’s recommended that you include both in an estate plan. According to a recent poll, only 32% of Americans have a will. Additionally, 14% of Americans don’t feel they have enough assets to bother with estate planning at all, including building a trust. It can be tough to feel like you shouldn’t bother with a plan. If you have any assets that you feel are worth protecting, a trust may be an option.

Here are the different types of trusts that you may be eligible for:

• Revocable trust. A revocable trust, which can also be classified as a living trust, allows you to retain total control of your assets during your lifetime. You can make changes when you wish, adding and removing money at your leisure. A living trust lets your family avoid probate court when the estate plan is finalized.
• Irrevocable trust. An irrevocable trust cannot be modified once it’s established, not even by you. This type of trust removes assets from the larger, taxable estate. It provides you with significant tax benefits and ongoing creditor protection. The only real drawback is the lack of control you have after establishing it. Irrevocable trusts are largely used to leave money for future generations.
• Testamentary trust. A testamentary trust is created within a last will and testament. It’s only activated upon your death and is established through the probate process. The primary goal of a testamentary trust is to manage assets for beneficiaries like minor children or those with special needs. It provides protection from creditors.
• Special needs trust. A special needs trust is intended to protect assets for loved ones with physical or mental disabilities. The most important factor of a special needs trust is that it allows your loved ones with special needs to benefit from your estate without losing access to their government benefits like Medicaid or Supplemental Security Income (SSI).
• Charitable trust. A charitable trust is a legal arrangement that allows you to support charitable causes while gaining tax benefits. The two main types of this trust are charitable remainder trusts, which pay income to you and the remainder to charity, and charitable lead trusts, which pay income to charity and leave the remainder to your heirs.

FAQs

How Long Can Money Stay in a Trust Account in Maryland?

The amount of time that money can stay in a trust account in Maryland depends entirely on the type of trust you are establishing. The majority of trusts are terminated upon the beneficiary’s death, on a specific predetermined date, or when the assets within the trust are now deemed a resource of the beneficiary. Maryland has a rule against perpetuity, which generally requires trusts to end within 110 years.

Who Is the Ideal Person to Set Up a Trust Fund?

The ideal person to set up a trust fund is anyone with considerable assets or real estate holdings who wishes to manage the distribution of their own assets and avoid probate court. You can set up a trust fund, designate a beneficiary, and work with an estate planning lawyer to avoid any mistakes that could cause problems in the future. Anyone can establish a trust if they have the assets and the desire to protect them.

What’s the Difference Between a Will and a Trust?

There are many differences between a will and a trust, though they both have the same goal: asset protection and distribution for your loved ones. A will is a document that dictates asset distribution after your death. A will has to pass through probate to be seen as valid. A trust manages your assets in your lifetime and after death, and it can bypass probate completely.

Should I Hire a Trusts Lawyer to Help?

Yes, you should hire a trusts lawyer to help. The last thing you want is for your trust to be seen as invalid or void because you missed a crucial step in setting it up. You should hire a trusts lawyer to go through every step of the process, help you decide which assets to leave in trust, and protect your interests. It’s recommended that you hire a lawyer any time you are dealing with legal strife, including during estate planning.

Hire a Crofton, MD Trusts Lawyer Today

Choosing to put assets in a trust is a big step, and not one that you should take lightly. You should be well-informed and prepared. That way, your beneficiary doesn’t have to deal with any negative fallout. At Liberty Legacy Law Group, we can provide you with the resources you need to establish a trust. Contact us to speak with someone who can help.