In Maryland, estate owners must manage a variety of tasks to achieve asset protection. These tasks provide assistance in protecting the assets and properties of the estate owner during the probate period. They include setting up a will, trusts, and trust funds for the estate owner’s family. The following are the services provided by a Probate Attorney in Dundalk MD.
Reducing the Time that an Estate Remains in Probate
The key to reducing the time in which an estate remains in probate is to reduce its value. This task is completed by moving key assets and properties out of the estate. The owner can transfer certain assets out of the estate by transferring the title to a family member. This step doesn’t take a significant amount of time to complete, and the new owner doesn’t pay inheritance taxes.
Creating an Irrevocable Trust
An irrevocable trust allows the estate owner to transfer more assets out of their estate and out of their name. The properties become the assets of the trust, and the owner’s name is no longer on the deed. The owner has the right to do with the properties or assets as they please until they die. After they die, a successor takes over all the properties and the trust itself.
Depositing Funds into a Trust Fund
A trust fund is set up to provide financial support for a child or family member. It may also provide funds for college tuition for a minor. These funds may have provisions in place to protect the money and the owner from fraud. These provisions may include a limit on the amount of money that is provided each year.
Creating a Health Care Plan
A health care plan designates who will provide medical care for the estate owner. It also includes a living will. A health care proxy is identified to manage these requirements.
In Maryland, estate owners must follow certain steps to protect their wealth. These steps include setting up trusts and transferring ownership to lower the value of the estate. Owners who need assistance contact a Probate Attorney in Dundalk MD through Maria Caruso today.
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