The Maryland Estate Tax exemption is scheduled to increase to $5,000,000 in 2019. Why would my family need to consider a trust?
Creating a revocable trust just to save on estate taxes is not necessary for most families today. However, trusts are effective in keeping property in the family, protecting a family’s wealth in the event of a second marriage by the surviving spouse, protecting assets from creditors after the death of one spouse, and protecting a child’s inheritance from mismanagement or divorce. In addition, trusts can reduce the costs of probate especially where property is owned in more than one state. Please schedule an estate planning consultation to discuss whether a trust is the correct option for your family.