Planning your estate is a matter that closely affects you, your family, and the legacy you leave behind for future generations. At Parker, Pallett, Slezak & Russell, LLC, our team of trust lawyers in Maryland is here to help you create an estate plan to fit your unique situation.
Planning a trust doesn’t have to be expensive or overly complicated. For over 45 years, we have helped families across Maryland gain the reassurance that their needs will be well looked after in times of crisis. Call us at (410) LAW-YERS or complete this form to book your complimentary initial appointment.
Why Do You Need a Trust?
Whether you are young or old, single or married, financially modest or wealthy, in good health or not, having a will or trust is key in protecting yourself and your loved ones from sudden illnesses or accidents. A common misunderstanding is that trusts are exclusive to wealthy families — this is simply not true. Trusts are useful estate planning tools that you can benefit from, both during your lifetime and after.
It’s a legal arrangement where one party (the trustor) gives another party (the trustee) the right to protect assets for a third party (the beneficiaries). The most common reasons people choose a trust are to:
- Bypass the probate law in Maryland, which can make property distribution quicker and more private
- Provide more control over how and when your estate assets are distributed to beneficiaries
- Manage assets for minors, people with special needs, or beneficiaries who might not be ready to manage a large inheritance
- Gain income tax savings from different types of trusts
Our Maryland trust and estate planning attorneys take the time to understand your circumstances and suggest the most fitting strategies for you. For instance, if you are a parent, we might suggest setting up a trust to manage and protect your children’s inheritance until they reach a certain age. If you own a business, we could help you with a succession plan to ensure a smooth transition of ownership.
Our Tax-Efficient Estate Planning Services
In your initial session, you will sit down with one of our dedicated estate management team members to identify the best strategy to determine how your assets will be distributed, who will manage your estate, and who will take care of your children, including their inheritance.
Our estate attorneys can help you by planning for Medicaid, creating a living will, handling probate matters, establishing a financial and healthcare power of attorney, managing your estate administration assistance, and more. If you do decide to establish a trust, we can discuss the best types based on your purpose. Some common options we offer for your estate planning needs include:
Revocable living trusts
This estate planning process allows you to maintain control over your possessions during your lifetime. You can change or revoke the trust as your circumstances or wishes change. Upon your death, the trust assets are distributed to your beneficiaries, without the need for a probate process.
Once our probate attorney transfers your worldly goods into an irrevocable trust, you effectively relinquish control over them, which can reduce your estate tax liability and protect assets from creditors.
Special needs trusts
If you have any loved ones with disabilities, this trust will allow you to provide them with an inheritance, gift, lawsuit settlement, or other funds without losing eligibility for certain government programs like Medicaid or Social Security Disability Insurance.
Our estate planning attorney can set up a Charitable Remainder Trust (CRT), where you or designated individuals receive income for a period, after which the remaining assets go to a charity; or a Charitable Lead Trust (CLT), where the charity receives the income first, followed by your beneficiaries getting the remainder.
Our estates lawyer can create an Irrevocable Life Insurance Trust (ILIT) so that upon your death, the proceeds from your life insurance policy will go directly into the trust. It’s a great option to minimize your estate taxes and protect your wealth from creditors.
Achieve Your Estate Planning Goals With Our Trust Lawyers Maryland Today
You’ve invested a lot of hard work in acquiring your property and assets. Now, it’s time to collaborate with dedicated Maryland trust attorneys at Parker, Pallett, Slezak & Russell, LLC to put together secure estate plans to ensure your family and your possessions are well taken care of when you’re gone.Contact us online or call (410) LAW-YERS to schedule a no-cost first meeting and learn more about our estate planning services, including implementing solid asset protection strategies against claims from an heir’s creditors, past marriages, or bankruptcy.