The Law Offices of Scott Alan Morrison, P.A.
Frederick
Location
301-694-6262
Hagerstown
Location
301-293-0010

Irrevocable trust can help a person keep control in Maryland

Many times in life one has to accept that there are things he or she cannot control. This is why many people in Maryland shy away from pursing estate plans. However, unlike what some may believe, planning an estate does not have to be about losing control of one's assets or finances if an irrevocable trust is utilized.

Commonly, estate planning strategies involve giving up control of assets and various other aspects of one's financial life. Often people are advised to gift their homes to their intended beneficiaries for various reasons, such as maintaining Medicaid eligibility. This keeps the value of the home from being factored into eligibility calculations. However, the problem is that the person no longer legally owns the home and, therefore, cannot do with the home as he or she wishes.

On the other hand, there are estate planning options available that allow a person to maintain control of his or her assets, including his or her home. An irrevocable trust can allow a person to maintain control of assets, while also allowing him or her to pre-plan for the future. Many fear that if they appoint trustees to their irrevocable trusts that they will lose control. This is not the case. The owner of an irrevocable trust can change his or her appointed trustee at any time, which allows the trust owner to maintain control.

Therefore, an irrevocable trust may be an ideal choice for Maryland residents who wish to plan for their futures without losing control of their assets. As with any legal decision that can have long-term ramifications, those considering irrevocable trusts should be clear on their options and understand how the formation of trusts can impact their financial situations. For clarity, they may seek guidance from a legal professional.

Source: Forbes, "Never Give Up Control When You Create Your Estate Plan", Mark Eghrari, Nov. 13, 2014

No Comments

Leave a comment
Comment Information
  • Best Of The Best The Frederick News Post
  • Bar Association Of Frederick County, Maryland
  • NAELA National Academy Of Elder Law Attorneys, Inc.
  • Maryland State Bar Association Inc.
  • Washington County Bar Association , DC Bar
Form Submit Button

Schedule Your Free Consultation Today

For more information and a free consultation with a Maryland estate planning attorney, call us at 301-694-6262 or fill out the form below. We provide clients with the estate services they need.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

We have offices in Frederick and Hagerstown, Maryland, to serve you.

Evening, weekend and off-site appointments are available upon request. Free parking is available at our Frederick office.

Our office will follow the same closing & delays as Frederick County Public Schools for both offices due to inclement weather.

Frederick Office
141 W Patrick Street
Suite 300
Frederick, MD 21701

Phone: 301-694-6262
Fax: 301-668-8884
Map & Directions
Frederick Law Office Map

Hagerstown Office
Cornerstone Wealth Center
19833 Leitersburg Pike
Suite 1
Hagerstown, MD 21742

Toll Free: 866-220-5185
Phone: 301-293-0010
Map & Directions
Hagerstown Law Office Map

Contact This Office Contact This Office