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Maryland Legacy Planning

Maryland Trust Planning

At Sellers Johnson Law, we provide advanced Trust Planning techniques to assist families in Maryland to develop plans and strategies to benefit multiple generations through legacies, while helping families to avoid federal estate taxes and Maryland estate taxes.

What is Trust Planning?

Through Trust Planning, we work with you to develop and implement strategies to achieve your advanced planning goals--such as Asset Protection Planning or Estate Tax Planning--through the use of various irrevocable trust techniques.

A client wanting to protect the assets of his or her spouse may choose to establish a “marital trust” (also known as a “QTIP” for Qualified Terminable Interest Trust). On the other hand, parents wanting to protect their children and future generations from creditors and taxes may opt to form “generation-skipping” or “dynasty” trusts. These strategies, customized to each client’s particular circumstances and goals, protect assets against estate taxes that may be imposed upon future generations. They also preserve the inherited assets held in trust, not only from potential creditors, but also as separate property in the event that marital relationships run into difficulty. We also regularly assist clients in forming irrevocable life insurance trusts (ILITs), an option for sheltering life insurance proceeds from estate taxes and creditors.

Our Estate Planning techniques specific to Legacy Planning may include the formation of external entities such as Family Limited Partnerships (FLPs) or Limited Liability Companies (LLCs), charitable trusts, grantor retained annuity trusts (GRATs), grantor retained income trusts (GRITs), qualified personal residence trusts (QPRTs) and other Grantor Trust options, all of which seek to incorporate lifetime wealth transfers into the estate plan

Through Trust Planning, you may designate that your personal values and heirlooms to stay within the family, through the generations.  We also work with you to set up incentives and distributions that will ensure wise choices by family members so your legacy lives beyond your first generation.