The idea of not creating a will may seem startling, even unwise. However, a revocable living trust can often serve as a substitute document, standing instead of a will. Why would someone choose a revocable trust over the tried-and-true traditional will? There are a few key reasons to consider a living trust, and a few … Read more
As you considered your estate plan, perhaps you did some research and decided that a trust might be the right fit for you and your assets. You may have heard people talk about “funding a trust”, “transferring funds to a trust” or “moving assets into the trust.” Those phrases may have you thinking of the … Read more
As a Maryland estate planning attorney, I meet with many people who do not know if they need a will, a trust or both. So, how do you know if you need a Trust instead of a simple Will? Many people assume that Revocable Living Trusts are only for the wealthy, but Revocable Living Trusts … Read more
Myth: A Revocable Living Trust always avoids probate. Fact: If you have a Revocable Living Trust and it is not properly funded, all assets titled in your name at the time of your death and not titled in the name of the trust will need to go through probate. To properly fund the trust and … Read more
Myth: A Revocable Trust Can Protect Your Assets From Lawsuits Fact: There are a couple of reasons why a Revocable Living Trust will not protect your assets from lawsuits: (1) You have the ability to change the terms of the trust when ever you want and you have the ability to add assets to the trust … Read more
Many people believe (or are told) that a Revocable Living Trust can reduce estate taxes. This is a very common estate planning myth. A Revocable Living Trust does not reduce your estate taxes. The main purpose of a Revocable Living Trust is to avoid probate, plan for disability/ incapacity and to protect your privacy. A married … Read more
If you have a Revocable Living Trust make sure it is properly funded. Funding is the process of re-titling assets (changing ownership) to the name of your Trust or making your Revocable Living Trust the primary or secondary beneficiary of assets that require a beneficiary designation (e.g., retirement plans or insurance policies). If your assets … Read more