In Maryland, estate owners work with their attorney to devise secure strategies to protect their assets. These strategies consist of a variety of opportunities to mitigate common risks associated with estates and the probate process. The following are strategies utilized by an estate law lawyer in Bel Air, MD to prevent major losses for families of estate owners.
Why Are Irrevocable Trusts a More Viable Choice?
An irrevocable trust is an option designed to allow estate owners to transfer assets and property out of their estate. The trust is set up as a completely different entity. The estate owner, essentially, doesn’t own the trust. However, they have full access to all properties and assets that are transferred into the trust. They choose a successor who will acquire the trust after they die. All properties transferred into the trust are protected from the probate process.
Are There Limitations for Trust Funds?
No, the estate owner can transfer any sum of money to a trust fund. They can continue to make these deposits throughout their lives. They won’t acquire any penalties for transferring larger sums at any time. The estate owner can also set up provisions to protect the funds from unethical parties. These funds are often set up for college tuition and the financial support of minor children.
What Procedures Are Used for Early Ownership Transfers?
Essentially, an early transfer follows a similar process as a real estate transaction. The difference is that the new owner won’t pay any value to acquire the property. It is given to them freely by the estate owner. This action prevents them from facing steep inheritance taxes after the estate owner dies. They can use the property however they choose.
In Maryland, estate owners follow specific steps to protect their assets. These steps enable them to protect their assets from creditors and ensure the heirs receive their inheritance. They create trusts, provide asset protection and financial support for their family. Estate owners who need the help of an estate law lawyer in Bel Air, MD can contact Michael S. Birch, Attorney at Law, or visit the website for further details.