Friday, July 21, 2017

Finding the Right Trusts Attorney

Trusts aren’t always necessary. The type of people who make the most use of them are the rich and famous. But the average person probably doesn’t need more than a testamentary or minor’s trust, and that’s only if they have children. Trusts that are used to avoid the estate tax are only for the very very rich, and a revocable living trust isn’t the best deal either.

Read more . . .

Monday, May 8, 2017

Remember to Fund Your Trust!

As a client, your biggest issue with revocable living trusts is probably that you don’t fund your trust and your estate is administered through the will. As an attorney who primarily puts clients into wills rather than trusts, I see this as a good thing, but if you are a client who has paid an extraordinary amount of money for a revocable living trust, you probably would see it as a bad thing.

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Wednesday, April 26, 2017

Revocable Living Trusts and Mortgages

Whenever you own a home and have a mortgage, it can become tricky when it comes to retitling your home. You may wish to retitle your home for various reasons: you want to have a tenancy by the entirety to have additional asset protection, you may want to put your home in some kind of trust. The most common type of trusts that people put their home into are revocable living trusts.

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Tuesday, March 14, 2017

The Difficulties with Revocable Trusts

Revocable living trusts have become a way for estate planning attorneys to grab just a little bit more from their clients. I am asked occasionally to draft revocable trusts and I am also asked to retitle deeds for them. I do the work, but I warn the client to be careful and if they wish to do their estate plan in the future just to use a will for simplicity’s sake.

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Thursday, December 22, 2016

A Guide to Trust Administration, Law, and Lawyers

Trust administration is one of the oldest area of laws in the United States. Whether you live in Columbia, Maryland or Ellicott City, trusts can be used for a wide variety of purposes. For the most part, trusts are divided into two large categories: revocable and irrevocable. Both types of trusts are commonly created by estate planning attorneys and have advantages over wills in that they avoid or minimize the size of the estate for probate (and help to avoid the estate tax).

But, how are trusts administered? It's actually done similarly to the way wills are administered.

Read more . . .

Monday, October 10, 2016

Trust Administration Revisited

For many clients, a trust is the optimal choice for administering an estate. Some wealthy clients need trusts known as irrevocable trusts in order to avoid the estate tax or to protect assets from creditors. Others will use trusts to avoid probate. The mechanisms of trust administration are similar to the mechanisms of administering a will, but there are some notable differences that clients need to be aware of.

Probably the biggest difficulty in being a trustee is seeing that the property meant to be inside the trust has been correctly retitled.

Read more . . .

Wednesday, August 17, 2016

Trust Administration (Part Two) (Pros and Cons)

I’ve written on the importance of a trust administration lawyer before, here, and I am going to touch on the process again. Trust administration is becoming more and more of an issue for Americans because of the growing popularity of revocable living trusts. While I believe that revocable living trusts are unnecessary for most people, if a trustee has been chosen to administer a trust, he or she must face a task that can be even more daunting than a probate. That means trustees may need the assistance of an attorney.

Trust administration is not overseen by courts in the same way that probate is.

Read more . . .

Friday, August 5, 2016

Choosing a Trusts and Wills Attorney in Columbia, Maryland (Howard County)

Choosing an attorney is like choosing any service provider. Various factors need to be taken into account before making a decision, including cost, reputation, and even likability of the provider. Lawyers are licensed service providers who generally work hard to provide the best service possible.

Your will is a vital part of the organization of your estate. While writing your own will is perfectly legal, it’s generally not a good idea: having a wills attorney draft it for you is the best course of action.

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Thursday, July 14, 2016

The Difference Between Irrevocable and Revocable Trusts

You might have heard that the terms “irrevocable” and “revocable” with regard to trusts. Lawyers and people who have created an estate plan like to throw these terms around, but they are often misused by both parties. They also can be manipulated by lawyers to confuse clients into purchasing something that is expensive and unnecessary.

“Revocable” generally refers to a revocable living trust. A revocable living trust is a trust that is used to avoid probate, or at least to minimize how much of an estate is exposed to probate administration.

Read more . . .

Thursday, May 19, 2016

How to Administer a Trust

Trust administration is a very important role for a person to take on. Being the trustee means holding on to the assets of someone else (usually) and distributing them to others (the trust’s beneficiaries). A trustee is someone who has been entrusted by a grantor to take care of these assets and to give them away under certain conditions that have been spelled out in the trust documents. You can see that the root word for trustee is “trust,” and there certainly is an element of trust in such an important role.

A trustee should be someone who is organized and good with money.

Read more . . .

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The Law Offices of Rick Todd has offices located in Columbia, Chevy Chase, Fairfax, Virginia, and Maryland and serves clients throughout Clarksville, Columbia, Ellicott City, Fulton, Rockville, Bethesda, Potomac, Laurel, Howard County, Montgomery County, and Washington D.C.

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