All parents want to protect and provide for their children. When a child has special needs, however, a parent's concerns about a child's wellbeing and security are often more urgent and all-encompassing.
Estate planning comes in many forms, so it is imperative for those who are creating estate plans to understand the different types of directives. One type of directive that should be understood is the trust. In Maryland, individuals can choose to put parts of their estates into trusts for legal or tax reasons. By utilizing a trust, a person's included assets will be held separately from the rest of the estate.
A parent's concern for his or her child's future is somewhat different when that child is disabled in some way. These parents have to not only consider how to best leave their children their inheritances but also how the inheritances will be handled on behalf of their disabled children. A special needs trust is a good way for Maryland parents to protect their special needs children after they are gone.
There are many legal documents available to include in an estate plan. However, those that are appropriate will depend on a person's specific circumstances, in Maryland or in any other state. They should also reflect any recent changes to estate planning laws. Recent changes in the law have made the revocable living trust a more popular estate planning tool than before.
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.
Tax considerations are an important aspect of estate planning. This is why many people in Maryland and other states utilize trust planning strategies in order to minimize tax liabilities. However, there are times when the tax laws regulating trusts may not be exactly straightforward. This was the case in a recent court dispute involving the Internal Revenue Service (IRS) over the real estate activities of a particular trust.
There are many different legal instruments available for planning an estate. These estate planning tools have various benefits and purposes during the estate administration process in Maryland or in any other state. One of the most common goals people have in estate planning strategies is minimizing tax liability by using a trust. Many are looking toward incomplete non-grantor trusts in order to avoid the gift tax.
Jurisdiction is an important concept when it comes to litigation. This is definitely true for estate administration matters that are taken to court in Maryland or in any other state. The question of jurisdiction can be important when a party decides to sue a trust in court.
It is a good idea to have a clear overall strategy when making estate planning decisions. This strategy should play a role when making decisions regarding forming a trust in Maryland or elsewhere. This strategy should consider the questions of who, what and why.
Everybody in society needs to pay their fair share; however, nobody wants to pay more taxes than they need to. Bill and Hillary Clinton seem to have taken this approach in their political positions and their personal estate administration plans. As many in Maryland may remember, the Clintons have been strong supporters of legislation to raise the estate tax. On the other hand, the Clintons’ estate planning strategies show they are doing whatever they can to avoid having to pay estate taxes themselves through the use of trust planning.