Trusts

Bethesda and Largo Probate Attorney Explains How To Avoid Conflicts When Passing Down a Vacation Home

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Leaving a vacation home outright to your loved ones can create more family conflict and problems than you might think.

While a vacation home may have been a peaceful haven for you and your spouse throughout the years, your children may not look at the house the same way when it becomes theirs to manage and maintain.

In fact, many heirs of vacation homes are simply unable to afford the yearly property taxes and related maintenance costs.  What mom and dad meant as a blessing actually becomes a burden to the children who were not prepared to assume these new responsibilities.

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How Your Bethesda or Largo Estate Planning Attorney Can Help Protect Intergenerational Wealth Transfers

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A recent article on Forbes.com took a look into the surprisingly high rate at which intergenerational wealth transfers fail.  This is undoubtedly a major issue of consideration for estate planning attorneys in Bethesda and Largo and beyond.  Our goal is for your wishes to be followed both in specific and in the spirit of your intentions.  So, if transfers are failing, it makes sense to examine why and learn how to avoid these issues in the future.

According to research done by Roy Williams and Vic Preisser, intergenerational wealth transfers fail a staggering 70% of the time! The main factor in the failures was that the families themselves did not implement any post-transition planning.  That is to say, the heirs were never prepared to take on the privileges and responsibilities of inheriting the family’s wealth.

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Trust attorney in Bethesda and Upper Marlboro Asks, “Do You Need a Gun Trust?”

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When it comes to wills and trust administration, it seems like we see it all here in Bethesda and Upper Marlboro.  From pet trusts to special needs trusts, there are a variety of unique circumstances that need to be addressed in many people’s estate planning.  One such concern is that of a gun trust.

Wills in Maryland are created specifically to dictate how one’s assets are to be distributed, and trusts do the same, while sometimes affording extra protection and benefits.  Those who collect guns for various reasons often have reason to add this type of protection to their estate plan.

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Bethesda Estate Planning Attorney Discusses 5 Misconceptions About Trusts

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When it comes to estate planning in Maryland, there are many misconceptions.  Over the years, I have noticed some common themes in the way some people think about Trusts. In this post, I will discuss 5 common misconceptions I regularly encounter when helping people in Bethesda and Upper Marlboro get their financial affairs in order.

Misconception #1: Revocable Living Trusts are only for large estates. No.  Revocable Living Trusts are for anyone who wants to avoid costly conservatorship and probate proceedings.  In appropriate cases, people with small estates can benefit from a Revocable Living Trust.  People with larger estates can benefit even more.

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