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Trusts Archives

Clintons utilize trust planning strategy to avoid estate taxes

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.

Testamentary trust allows more control than a will in Maryland

There are many options to choose from when designing an estate plan. On the other hand, there are some legal documents which are especially useful for planning an estate in Maryland or in any other state. One of the most common legal instruments used in planning an estate is a will. However, instead of a will, some individuals may decide to create a trust instead of or in addition to the will.

Lawmakers propose change to special needs trust laws

People with disabilities already have a more challenging time than the average American. However, there are some laws that unintentionally make things more difficult for disabled individuals in Maryland and in other states. One example of this is the federal law regulating special needs trust accounts for disabled people. Now lawmakers from both major political parties are pushing for a bill that would address some of the problems.

Jurisdictional rules may affect taxation on trust income

The United States legal system can be quite complicated at times, especially when it comes to jurisdiction. First, there is Federal law and then each state also has their own laws. This can create some ambiguity when it comes to taxation rules, which becomes especially relevant when planning an estate in Maryland or in any other state. If the beneficiary to a trust decides to move to another state, this could have significant taxation ramifications, which one should keep in mind.

A trust can be important part of estate planning in Maryland

Although the economy is still in the recovery phase, many economists believe that the nation has moved past the recent recession. Therefore, many people in Maryland and elsewhere are looking to start planning for the future. One of the important aspects of wealth management is estate planning which ensures one's intended beneficiaries will receive one's assets after death. A commonly used and effective legal instrument to achieve this end is a trust.

Revocable living trust must follow guidelines in Maryland

There are various types of legal documents which people commonly use to plan their estates. One of the most popular and useful types of legal instruments in Maryland and any other state is a revocable living trust. This document allows an individual to choose who will receive his or her money and assets after death. Along with the trust maker's signature, a living trust must also have a trustee.

Protecting heirs even after putting funds in a trust

Many families took advantage of the new estate tax laws last year and put significant amounts of money into trust for their children or heirs. The trusts were created where the child or heir would not have to pay taxes on the sums because the taxes were paid up front. Some Maryland parents are now worried that their children or heirs will be negatively affected by suddenly inheriting such a large tax-free lump sum payment in a trust.

People should reexamine their trust with new taxes in mind

Estate planners need to be aware of the many changes to the tax structure this season. While several areas have gained national attention, including personal taxes and the alternative tax, several other areas of the tax structure are being affected in 2013 as well. All individuals and families in Maryland who hold funds in trust should be aware that the new tax structure will heavily increase taxation of a trust.

The fiscal cliff, the AMT and your income, trust or estate

In addition to all of the new potential challenges to the middle class in the coming tax year, the alternative minimum tax (AMT) is also finding its way into the ring. The AMT was originally directed at wealthy individuals, but it is increasingly an issue for middle class Americans, including those in Maryland. It can apply to a trust or estate as well as to certain taxpayer incomes.

Maryland landowners with gas and oil interests may need a trust

The scheduled estate tax reversion back to the $1 million exemption has caused many Maryland residents to consider their estate planning options sooner rather than later. Among those working to plan their estates before the end of the year have been landowners across the country with gas and oil interests. For these landowners, the process of estate planning may have implications beyond just drafting a trust in order to protect assets.

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