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Estates and Trusts Attorney

The Rockville Maryland Law Offices of Kenneth Braunstein provides our clients with outstanding legal representation in Estates & Trusts.  Trusts serve many purposes.  First, please realize that a trust is a legal entity, as is a corporation, a partnership, a limited liability company, etc.  A trust must be established by a written document setting forth, among other things, how it is established, what it's purpose is, how it can manage assets, who will be the trustee, who are the beneficiaries of the trust, as well as provisions for setting forth powers for the trustee, succession and final distribution of trust assets.  

When it comes to estates, trusts are used for several purposes.  Recent Federal tax legislation has increased the estate tax exemption for estates so that the taxable estate must exceed $5,000,000.00, (at least for 2011 and 2012), before the estate is subject to a Federal estate tax.  Prior to recent increases in the exempt amount "spousal trusts" were often set up in wills to allow funds to be transferred into a trust and used for the benefit of a second to die spouse, but not be included in the second to die spouse's taxable estate upon the death of that spouse. 

Another type of trust is a "children's trust".  A children's trust is a testamentary trust since it is established upon the death of the "Trustor"--the person who sets up the trust upon death under his/her will.  The main purpose of this trust is to allow assets which go to children to be placed in a trust under the control of a trustee to be used for the benefit of the children until they reach certain ages.  Without such a provision, assets left to children come under their control at age 21, at the latest.  With a children's' trust, you can establish any age desired for the disbursement of the funds or even multiple disbursements at different ages.

You may have heard of a "revocable living or inter vivos" trust.  This is a trust established during one's life (inter vivos in Latin), and assets placed into the trust during one's life are not subject to administrative probate procedures--(discussed on PROBATE page).  Since this type of trust is revocable, the IRS does not recognize it as a separate entity for tax purposes from the creator of the trust--the "Trustor", so it does not require a separate tax filing.  There are good reasons to establish a revocable trust, but I would suggest that "avoiding the horrors or expense of probating a will" as I often hear, is not among them.

As stated, there are many types of trusts.  Other types of trusts include discretionary or special needs trust often set up for person with lifelong impairments.  There are also irrevocable trusts frequently using life insurance policies to keep assets out of one's taxable estate.

If you have a question about Maryland, Virginia and Washington, D.C. Estate and Trust Planning, please call Law Office of Kenneth Braunstein at (240) 778-1911 or email.

Fair and Effective Representation

  Rockville Maryland Office
  200-A Monroe Street
  Suite 100
  Rockville, Maryland 20850
  Phone: (240) 778-1911
  Fax: (240) 842-1710
  Email: ken@braunsteinlegal.com

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  Maryland Estate & Trusts Lawyer at Law Offices of Kenneth Braunstein
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The Estate and Trust Attorney at Law Offices of Kenneth Braunstein serves all of Virginia, Washington, D.C. and Maryland including Montgomery County, Howard County, Baltimore County, Prince Georges County, Rockville, Greenbelt, Bethesda, Chevy Chase, Washington, Gaithersburg, Germantown, Baltimore, Silver Spring, College Park, Columbia, Montgomery Village, Kensington, Sandy Spring, Bowie, Burtonsville, Potomac, College Park and the Washington, D.C. Metro Area.