Understanding Trusts in Estate Planning

Trusts are useful estate planning tools for many purposes. Like any tool, a trust is only valuable if it accomplishes the desired task appropriately. Establishing a trust can help to provide for you and your family in and after your lifetime, as well as provide funds for a charity of your choice. It is important to have an experienced attorney at your side to educate you about your options.

Montgomery County, Maryland, Trust Lawyer

For more than 35 years The Law Office of Alan B. Frankle has provided quality legal services to clients in Rockville, Silver Springs, the greater Maryland suburbs and in Washington, D.C., who wish to establish trusts. Our knowledgeable attorney takes the time to truly understand your wishes, explain your legal options and build strategic plans to accomplish your goals.

National media often touts specific trusts as necessary components of an estate plan. The truth of the matter is, trusts are versatile, but not every estate plan needs to have a trust. We take the time to understand the relevant details about our clients' asset structures, tax concerns, goals and distribution plans to craft practical estate planning strategies to accomplish goals and preserve wealth.

Selection of a trustee is very important and must be planned carefully to avoid potential conflicts. Contact us today to schedule a free initial consultation to discuss your needs. You can rely on us for affordable, experienced counsel for your trust needs.

Revocable Living Trusts

Revocable living trusts can be an invaluable asset protection tool for the elderly and chronically ill. Mixed families with stepchildren also find these trusts helpful in protecting the rights of children from a prior relationship or marriage.

Revocable living trusts can sometimes be viewed as a way to avoid probate, but they have the potential to be much more. Let us show you how they are a critically helpful disability planning device, with the added benefit of probate avoidance.

In contrast to a power of attorney, with a revocable living trust, the trustee holds equitable legal title, meaning that third parties cannot avoid dealing directly with the trustee. This helps ensure that the trustee truly has the ability to manage finances and creditors.

Irrevocable Life Insurance Trusts

An irrevocable life insurance trust is a useful tax planning device to ensure that your life insurance is not taxed by the federal government or Maryland estate tax. Ownership of the policy is transferred to a trust, rather than remaining in the name of the individual owner, in order to avoid estate taxes upon death.

Additional Trusts

As part of a wills and trusts package, we can help you to establish the following:

  • Credit shelter trusts
  • Charitable trusts: Including charitable giving trusts that support lifetime giving
  • Marital trusts
  • Disclaimer trusts
  • IRA conduit trusts

Notably, an IRA conduit trust allows you to take better advantage of your IRA. We can explain if creating a trust as the beneficiary of your IRA can help you protect your legacy and preserve wealth for future generations.

Business Organizations

As part of your estate planning package, we can help you create a family partnership, LLC, or closely held corporation to manage your trust.

Get a Free Consultation to Learn More about the Use of Trusts in Estate Planning

Is creating one or more trusts the right choice for your estate plan? We take the time to educate our clients about all of their legal options before moving forward with a final plan. To speak with an accessible lawyer in Rockville, send us an email or call 301-637-4769. The initial consultation is always free. We'll help you establish a trust that fits your needs.