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Maryland's Legacy Planner

Tuesday, April 28, 2015

Mistake #8 - Failing to Take Care in Funding the Trust

It is not unusual for people to transfer existing assets to their trust, but then forget to add new ones. It bears repeating: a trust can only control the assets that are placed into it. Any assets purchased or accounts established after the initial funding is complete should be reviewed as potential candidates for being titled in the name of the trust.  Some assets (IRAs, life insurance policies) use beneficiary designations, rather than re-titling, for funding their value to a trust.  Many times, certain assets should be used to fund a certain part of your estate plan.  For instance, tax-deferred qualified accounts (e.g. IRAs) are best used to fund charitable gifts because of tax issues.  The funding of trusts always carried the potential for risk if it is done by rote, and not strategy.

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Attorney Lindsey Warren Duvall assists clients throughout Anne Arundel County and Prince Georges County, including but not limited to Annapolis, Davidsonville, Gambrills, Crofton, Severna Park, Crownsville, South River, Millersville, Waugh Chapel, Odenton, Piney Orchard, Severn, Upper Marlboro, Bowie, Glenndale, Galesville, Gibson Island, Arundel Mills, Columbia, Edgewater, Deale, Harwood, Lothian, Churchton, Shady Side, Cape St. Claire, Broadneck, Arnold, Jessup, Laurel, Linthicum, Mitchellville, Pasadena, and Lake Shore, MD.



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