Types Of Trusts
Many people are surprised to learn that a trust may be the most efficient and effective way for them to achieve their estate planning goals. While trusts are often associated with wealthy families, trusts offer a wide variety of benefits that serve many people’s best interests regardless of their net worth.
The experienced estate planning lawyers at the Costello Law Group, based in Towson, Maryland, are skilled at helping clients identify different types of trusts that can help them protect and distribute their assets conveniently and according to their wishes.
The Costello Law Group offers a free initial consultation, providing an opportunity for you to sit down with an experienced estate planning attorney to discuss the different trusts available and how they may fit into an estate plan that is customized to your needs.
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A trust is essentially a relationship in which a trustee holds property on your behalf, for the benefit of a specific person, group of persons or an organization. As part of an estate planning conversation, the Costello Law Group regularly advises clients on a variety of different trusts, including:
By using a will, you can help ensure the following:
- Revocable trusts: Trusts that enable you to retain control of your assets while alive with the potential to avoid probate, passing your estate directly to your beneficiaries after your death.
- Irrevocable life insurance trusts: Trusts that serve as both the owner and beneficiary of a life insurance policy for you, in order to later provide for your beneficiaries.
- Special needs trusts: Trusts that provide for an individual with special needs without disrupting that person’s eligibility for Medicaid, Social Security or other benefits.
- Charitable trusts: Trusts which hold your assets in order to support a charitable cause.
These tools must be set up properly or may not function as intended. The firm’s attorneys will assist you to create a trust and transfer intended property and assets. Learn how a trust or combination of trusts might limit the potential for conflicts between your loved ones.
Schedule A Consultation With An Experienced Trusts Lawyer
To discuss your situation and goals with an experienced Towson attorney, please send a message online to the Costello Law Group or call 410-832-8800 toll-free 877-418-0003.