Gaithersburg, MD Trust Lawyers
Gaithersburg, MD Trust Lawyers
When you want to leave behind a legacy that provides safety and security for your family, a trust is an essential tool that can benefit your loved ones for many years down the line. Having a trust allows you to maintain greater control of your assets and how they are distributed, ensuring that your wealth ends up in the right hands even after you are gone.
When you work with the Gaithersburg trust lawyers of Z Family Law, we thoroughly familiarize ourselves with your goals for your estate plan. It is important for us to understand your vision for your trusts so that we can always optimally advise you. We know that you have people, charities, and even pets in your life who you want to protect, and we want to help you make decisions as if we have our own families and loved ones in mind!
It’s never too early or too late to plan ahead, so reach out today to schedule a free estate evaluation and get started.
What Is a Trust, and Why Is It Important?
When you are creating your estate plan, a trust is a powerful tool for distributing your assets to your beneficiaries. A trust is a legal entity in which your designated assets–such as money, vehicles, or even your house–are transferred and then distributed according to the rules of the trust, which you establish.
Trusts can confer several key benefits, including:
- Allowing you to transfer assets directly to beneficiaries
- Allowing you to establish rules of distribution for your assets
- Preventing your assets from being claimed by creditors
- Preventing your assets from being subject to probate
- Providing tax benefits for you and your beneficiary
Since trusts are so versatile, you can choose from different trusts to suit your different needs, whether that means setting up a trust as an incentive for your beneficiary to achieve a certain goal, for example, marriage or college graduation, benefiting a charity you wish to support, or ensuring your pets have care and resources, should something ever happen to you!
How Our Gaithersburg Trust Lawyers Can Help
With so many different types of trusts to choose from, the guidance of our experienced Gaithersburg trust lawyers can ensure you are creating trusts that align with your goals and the needs of your beneficiaries. There are a huge variety of trusts to choose from, but some of the more common options for trusts include:
- Revocable trusts: Establishing a revocable trust allows you to designate assets for your beneficiaries. At any time, you can alter the trust and its contents or eliminate it altogether if you so choose.
- Irrevocable trusts: These types of trusts operate similarly to revocable trusts with the exception that you cannot alter this trust after you establish it.
- Charitable trusts: If you have a charity you want to support, you can set up a trust to benefit that charity and potentially access benefits for yourself or another beneficiary in the process.
- Spendthrift trusts: These types of trusts allow you to designate small amounts of money to be paid out periodically to your beneficiary so they cannot spend all of their inheritance at one time.
- Special needs trusts: If you have a loved one who has special medical needs, you can establish a trust to benefit them without risking their access to state-sponsored benefits.
- Pet trusts: If you want to make sure your pets are cared for in the event you cannot be there for them, pet trusts allow you to name a caretaker and leave resources for the care of your pets.
You should also note that different types of trusts confer different tax benefits, and our lawyers can help you understand and take advantage of those benefits.
Z Family Law Can Create the Estate Plan of Your Dreams
When you want to do what’s best for your family, an estate plan that includes carefully selected trusts can ensure you and your loved ones have a secure future. When you are ready to begin your estate plan and create trusts that are uniquely suited to your needs, Z Family Law is here to help you. Reach out for a free estate evaluation and learn how we can help you secure your legacy.
Frequently Asked Questions
Is there a limit to the number of trusts I can have?
No, there is no limit on the number of trusts you can establish provided you have the assets to put into them. However, you may only need one trust, or a few, depending on your unique goals!
Can I put my retirement account into a trust?
There are certain assets, such as retirement accounts and life insurance policies that cannot be put into trusts because doing so would interfere with relevant laws surrounding those accounts. Joint property can also not be put into a trust without the consent of both property owners. If you are unsure whether certain property can be retained in a trust, check with our legal team.
Do I need a lawyer to establish a trust?
While you technically do not need a lawyer to establish a trust, working with a qualified legal professional can save you a lot of headache. Trusts are complex legal tools and laws surrounding them vary by state, so working with a lawyer ensures that your trusts are established correctly and are in compliance with the law. By establishing a trust yourself, you run the risk of errors that will render your trust legally void.