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Maryland residents, be sure to fund your trust!

When estate planning, it is important that Maryland residents understand all the necessary steps to ensuring the security of their assets. A prime example is that of trusts. When a trust is established, there are additional steps that must be taken to ensure that it will function in its entirety when needed. According to one recent news report, one task that is often missed is the funding step, which can have detrimental consequences during the probate process.

Maryland trust options for dual ownership of property in 2 states

When Maryland residents choose to divide their time residing in our state and another, they must consider the implications for taxes, insurance and even estate planning. Owning real property in more than one state is something to carefully consider during estate planning. Unless the dual ownership is handled through the creation of a trust or other estate planning measure, there is a possibility that the estate will ultimately have to be probated in both jurisdictions. While real property can be owned in more than one state, a person is considered a domicile of only one jurisdiction for tax purposes.

Trust and trustee: What Maryland residents need to consider

On April 13, in a post titled, "Creating a trust and selecting a trustee," we gave a brief summary of some ways that a trust and well-appointed trustee can help in estate planning and administration. Now, more specifically, some sources recommend considering some key elements of estate planning before determining who will be selected as the trustee of one's estate. Maryland residents taking the time to plan for the future typically want to be sure that their wishes, assets and family are protected, which is why it is crucial that the process of establishing a trust and trustee is organized and successful.

Parents of special needs kids may need special needs trust

Maryland parents who have special needs children may have additional things to consider when they begin the estate planning process. Because special needs children often require specialized treatment and care, parents may find that they need to plan for these areas financially in the event of their untimely death. Some states have income limits to which special needs families are no longer eligible for financial assistance from the state. In these cases, it may benefit parents to consider a special needs trust.

Why having a trust and updating it can benefit Maryland residents

Estate planning has become an increasing topic of conversation in the media. High-profile celebrity disputes illustrate how badly a family's situation can turn volatile when the probate process goes wrong. No one wants to leave their estate in disrepair and their loved ones fighting over assets, which is why some suggest that estate plans should be updated if an individual's life situation changes. There are five primary life events that may make Maryland residents consider reviewing their estate plan and considering a trust as a viable option.

Maryland residents can benefit from a revocable living trust

Some people consider death as something to avoid thinking about, if at all possible. Others think about estate planning ahead of time, but don't think much beyond drawing up a will. Unfortunately, wills are basically lists of instructions on paper that mean little until an estate is taken to probate court. All too often, heirs who do not get along with each other turn the probate process into a knock-down, drag-out fight. A revocable living trust may provide one method for Maryland residents to avoid conflict between contentious heirs.

Creating a trust and selecting a trustee

One important aspect of estate planning is deciding whether or not to establish a trust. A trust can help not only with managing the assets of the estate, but can also reduce the impact of estate taxes and save beneficiaries from having to endure the probate process. Yet a trust can be a legally complicated instrument and before establishing one, it is important for residents in Maryland and elsewhere to understand the potential consequences of different types of trusts.

Nation's oldest trust facing accusations of mismanagement

For most Maryland residents, estate planning mostly involves the immediate and near future. That is, they put in place plans that will help them to minimize the impact of taxation while maximizing the size of the estate for heirs and beneficiaries. However, through a trust, they may be able to leave a lasting footprint long after they pass away.

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