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Trust funds have long been a popular way to ensure long-term financial security for generations in Maryland. But did you know that trust fund earnings can also be taxed? Trust fund earnings are taxable as income. To avoid any surprises when filing taxes, it's...
An intentionally defective grantor trust (IDGT) is a tax planning strategy for states which is used to transfer assets to beneficiaries while minimizing gift and estate taxes in Maryland. IDGTs are complex trusts that are often used in conjunction with other trusts,...
With intentionally defective grantor trusts or IDGTs, the name can be misleading if you just take it at face value. Despite the defect stated explicitly in this trust type's title, they do serve an important purpose quite effectively in Maryland. What makes them so...
In Maryland, you create a trust account by signing a notarized Declaration of Trust, funding the account and transferring ownership to a trustee. That trustee has a fiduciary responsibility to work on behalf of the beneficiaries, manage the account and distribute...
Trust funds offer more control in how your beneficiaries spend the assets than a will. You could place limits on how much they can withdraw each year and what they can spend the money on. It's easy to set up a trust fund in Texas, and you don't have to be rich to open...
Do you own a property that you don't want to sell but also don't want to have to worry about in the future? If so, a life estate might be the right solution for you. What is a life estate? A life estate is a type of ownership that allows you to keep your property...
Many Maryland residents have pets that they cherish as beloved family members. Although people often outlive their pets, life is uncertain. A great way to ensure that they will be cared for after you’re gone is to include your pets in your estate plan. Including pets...
One way for someone to protect their assets in Maryland is by establishing a trust. A trust in your name makes it easy for you to protect assets and distribute them to your beneficiaries. If you need to present information about your trust, having a certificate of...
A revocable living trust may be an ideal way to circumvent Maryland probate laws. It may also help you keep the terms of your estate plan private, which can be beneficial if you're worried about family infighting or other issues after you're gone. However, it may not...
If you wonder how to manage your Maryland estate, you have many options. Recently, many people are attempting to rush through the estate planning process by setting up taxable on death accounts. However, you might want to take a second look at everything revocable...