It is a commonly held misconception that trusts and trust funds are only for the wealthy. Well-drafted and executed trusts are very useful tools for families and individuals of a variety of financial backgrounds.
What is a trust? A trust, also called a living trust, is a legal arrangement that gives a trustee authority to hold assets on behalf of your beneficiaries. A trust allows you to decide how and when your beneficiaries can access the assets.
Susan Eleff, Attorney at Law, is a highly respected estate planning attorney with more than 35 years of legal experience. At her law firm — The Eleff Law Group — in Bethesda, Silver Spring and Frederick, Maryland, she helps people determine whether and how trusts should be included in their estate plans.
When you become a client at The Eleff Law Group, the entire legal team will get to know you and strive to understand your priorities in order to learn whether a trust is the best means for you and your beneficiaries to:
- Avoid or minimize probate and related expenses, allowing assets to be distributed to beneficiaries quickly and directly
- Maximize privacy with a trust that is not of public record
- Minimize taxes in certain circumstances
- Protect assets from heirs' creditors
- Provide the trustor with maximum control over the distribution of the assets
Types Of Trusts
There are a variety of trusts available that allow individuals and families to accomplish the above-mentioned goals and others. It is important to seek counsel from a skilled and reputable lawyer like Susan Eleff and her legal team in order to decide on the best trust solution for your needs.
The Eleff Law Group helps clients create the following types of trusts and others:
- Marital trust
- Bypass trust
- Intentionally defective grantor trust
- Irrevocable trust
- Irrevocable life insurance trust
- Charitable lead trust
- Charitable remainder trust
- Generation-Skipping trust
- Grantor retained annuity trust
- Special needs trust
- Qualified Terminable Interest Property Trust, also called a QTIP
- Qualified Domestic Trust, also called a QDOT
- Pets Trust
Discuss Your Estate Planning Needs
To learn more about trusts or for help developing an estate plan, call 800-765-2662 or schedule a legal consultation online. Initial consultations are provided free of charge with certain limitations.